YouTube launches broad entertainment venture
YouTube is announcing a bold step into original programming in a broad entertainment venture with some 100 content creators, from Madonna to Lionsgate.
The Google Inc.-owned video site said Friday that it is launching more than 100 new video channels. The partners included an array of Hollywood production companies, celebrities and new media groups.
The channels will roll out beginning this month, though most will premiere next year. YouTube says it will add 25 hours of new original content daily, with dozens of Web series debuting at scheduled times.
YouTube declined to offer financial details of the deals, but said the majority of revenue will go to partners.
Ultimately, YouTube is aiming to create a new digital video platform that it compares to the advent of cable television.