Google-owned video giant YouTube has acquired four-year-old web production start up Next New Networks, in a move that brings it closer to the realm of professionally produced content.
As part of the acquisition, YouTube will launch YouTube Next, a new division tasked with “supercharging creator development and accelerating partner growth.” The Next team will spearhead a series of YouTube Next-branded programs and services that will build off past partner development initiatives.
“The Next New Networks team has built a highly effective platform for developing, packaging and building audiences around original web video programming, attracting over two billion views and six million subscribers across their partner networks of channels and shows,” said Tom Pickett, YouTube’s director of global content operations and head of YouTube Next.
“Within YouTube, Next New Networks will be a laboratory for experimentation and innovation with the team working in a hands-on way with a wide variety of content partners and emerging talent to help them succeed on YouTube.”
Google has not disclosed a price for the acquisition; however, The New York Times reports it to be less than US$50 million.