YouTube is taking a step back from producing original content. According to a Bloomberg story published Tuesday, the Google-owned video service will reduce its investment in original programming.
YouTube’s chief business officer, Robert Kyncl, stated in a message on Twitter that the firm would focus on its “Creator Shorts Fund, Black Voices Fund, and Live Shopping programs” in addition to its YouTube Kids Funds. He also stated that the organization would honor its commitments to performances that have already been booked.
“With quick expansion comes new opportunities,” Kyncl added, “and now our investments can have a greater impact on even more creators when applied to other initiatives.”
On March 1, Susan Daniels, YouTube’s worldwide head of originals, will leave the company. In 2015, Daniels joined YouTube as part of the company’s drive towards original programming and films. In recent years, YouTube has been reducing its original content, and in 2019 it removed shows from its subscription service, making them accessible and ad-supported.
The announcement comes amid the so-called streaming wars, which have seen services such as Apple TV Plus, Disney Plus, HBO Max, and Peacock debut in recent years to compete with Netflix and Amazon Prime Video. The outcome will most certainly impact the number of services people use and pay for to watch their favorite shows and movies online.
Beyond Kyncl’s remark, YouTube refuses to comment.