YouTube bows out of Hollywood arms race with Netflix and Amazon
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YouTube has canceled plans for high-end dramas and comedies, people with knowledge of the matter say, a pullback from its grand ambitions for a paid service with Hollywood-quality shows.
The Google-owned business has stopped accepting pitches for expensive scripted shows, say the people, who asked not to be identified because the decision hasn’t been announced. The axed programs include the sci-fi drama “Origin” and the comedy “Overthinking with Kat & June,” prompting their producers to seek new homes for the shows, the people say.
The retreat from direct competition with Netflix and Amazon’s Prime Video service reflects the high costin the billions of dollarsneeded to take on those deeply entrenched players, even for a rich tech giant like Google. YouTube generated more than $15 billion in ad sales last year without a huge slate of glitzy productions and concluded its money is better invested in music and gaming.
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