YouTube to venture into feature film
In a move that could ruffle some feathers, YouTube has announced that it will begin premiering films before they’re available anywhere else.
Working with AwesomenessTV, the online video giant will release several feature length films exclusively over the next two years, all driven by YouTube stars and developed and produced by AwesomenessTV’s Brian Robins.
In a blog post, YouTube Originals boss Alex Carloss said that the company hopes to set what it believes will become a new “distribution paradigm” for years to come, with the first film expected to be released this Autumn.
“We hope that these new series and feature films, as well as those that follow, give top creators a new way to showcase their talent to fans on YouTube,” said Carloss.
YouTube has also invested in four of its top creators to bolster its original content offerings and to “help bring their next big original series to life.”
Between them, the Fine Brothers, Prank vs. Prank, Joey Graceffa and Smosh have more than 70 million subscribers.
The news comes shortly after major cinema chains in the US boycotted a Netflix-owned film because the video streaming platform plans to simultaneously début it online.
Phil Clapp, chief executive of the Cinema Exhibitors’ Association, told Newsline that while he does not think that YouTube’s announcement will have a significant impact on the film industry, he hopes that it may lead to a better tackling of online film theft.
“These films are in truth unlikely to be of any great significance, either as movies or in terms of impact on the current business model,” said Clapp.
“Youtube is already a well-recognised platform for distributing films not appropriate for the theatrical space and this continues that trend.
“It is though to be hoped that the involvement of Youtube, and its parent Google, in the finance and production of feature films will cause both companies to reflect on what more they might each do to tackle online film theft.”
It’s an exciting development, as it enables brands to start to think about “video” in a different light, creating further opportunities to reach consumers in a unique environment. YouTube already has an established audience base so diversifying its content can only be seen as positive advancement of the channel.
What is the potential benefits for advertisers?
YouTube has traditionally found a niche in the market with short form homemade video clips, but this announcement changes its positioning to media agencies and brands alike. The video site has diversified in the past with YouTube channels, YouTube Kids and recently a plan to launch a paid for subscriber model, with the latest development another step along its expanding offering.
With YouTube creating these original feature length content pieces in house, it offers advertisers a chance to become more integrated with premium content, such as product placement or mutual promotion.
How will this impact the cinema industry?
It certainly is another competitor for the cinema industry, but there have been many other rivals that have entered the market such as LOVEFiLM, Netflix and Now TV which have failed to knock cinema off its perch as the preferred platform to consume film.
Will this affect cinema ad spend?
Cinema offers a rare chance for attentiveness and engagement that is unrivalled across other media, so will still have a standout position for brands to reach audiences. As long as the strength of content continues to be of a high standard then ad spend will be protected for the foreseeable future. Films such as Star Wars and Spectre (the new Bond film) will drive a forecaste growth in cinema spend this year of c10%.
Will this kick-start the beginning of a new era for distribution strategies?
The growth of premium video inventory in the market has undoubtedly made some more traditional content providers look over their shoulders. Broadcasters have been in the driving seat in terms of premium content, but that is starting to change. In that respect, the online video model is advanced, as soon as you own the rights, it opens up revenue.
The race is underway for content broadcasters to have a greater hand in content production, which will enable them to monetise the property to a greater extent. The good news for YouTube is they already have a platform that reaches millions of people in the UK, so creating premium feature length content opens new avenues for advertisers and their own continued evolution.
Will this help advertisers tap into the teen market?
The teen market is a valuable commodity and the YouTube expansion will offer another pathway to reach them. But I see YouTube just being another layer of video targeting that sits alongside the “likes” of Facebook, Twitter, Tumblr and of course traditional TV when planning to reach this audience effectively.