If anybody needs a proof that web video is here to stay, they don’t need to go any further than the latest YouTube acquisition. Next new Network is a web only video production house that mostly broadcasts its videos through various channels on YouTube. With their plan to produce and own original content, YouTube had been planning to acquire Next New Network for a while now and today the deal finalized for an amount that is still undisclosed but surely under $100 Million.
Next New Network was founded in March 2007 and broadcasts its videos through 123 different channels to a subscriber base of around 7 million users. If you are wondering how much activity that is, well their cumulative video views as of today stand at 2,791,536,754. As announced by the Next New Network CEO, the team will become part of a new YouTube group called YouTube Next that will focus on “supercharging content creator development on YouTube, driving deeper expertise in partner audience development, and incubating new ideas that can be shared with the broader community”.
This initiative by YouTube reaffirms its plan to expand its partner network to bring in more original content and move away from the premise that YouTube is simply a video hosting company. There is also a lot of buzz about YouTube trying to lure various Hollywood artists to have their own branded channels on YouTube and do small 3 minute shows. Adding to that is the YouTube’s Partner Grants Program that gives advance advertisement revenue to high-quality content producers to ease their financial burden of production costs. Next New Network was one of the first participants of the program.