ITV invests USD 1 billion with Hollywood giants to launch NewT
Date: 2018-08-09   Author: Ojaswita Kutepatil  Category: #news

ITV invests USD 1 billion with Hollywood giants to launch NewT

ITV, a commercial television channel of the United Kingdom has reportedly collaborated with major Hollywood studios including 21st Century Fox, Disney, and others. Two huge Wall Street banks and the billionaire Walton family would reportedly pour in capital worth USD 1 billion (£770m) in a new video streaming service for smartphones through this venture.

As per sources, the new venture is temporarily named NewTV, which aims to provide video streaming services that specifically target smartphones. NewTV will be launched by DreamWorks Co-Founder Jeffrey Katzenberg, famous for movies like Shrek, along with the former HP and eBay Boss Meg Whitman, who would be the CEO of the new venture.

As per Katzenberg and Whitman’s official statement, NewTV will be the first entertainment platform built exclusively for accessing video streaming services on the go. They further added that the new service basically aims to create high-quality shows, that so far, are touted to cost approximately USD 15 million a season. According to USA Today, Whitman was quoted to state that NewTV, in all probability, would launch its service by December 2019. Sources suggest that the new venture intends to achieve streaming quality similar to that of HBO and Netflix, however, the content will be broken into smaller portions of 15 minutes each, making it appropriate for the smartphone audience.

Julian Bellamy, Managing Director of ITV Studios, claimed in an official statement that there is a huge global demand for high-quality entertainment, which fortunately provides ITV’s highly talented and creative people an opportunity to develop content in an all-new way than ever before.

Gareth Capon, CEO of Video Production Platform Grabyo, stated that there is a considerable change in the viewing habits of their consumers particularly in the genre of sports and music. Capon further predicted a drastic growth in the mobile video consumption rate in the future



About Author


Ojaswita Kutepatil

Ojaswita Kutepatil

Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she works at AlgosOnline. as an Content writer, where she pens down write-ups pertaining to the market res...

Read More

More from Ojaswita


Post Recommendents

Abu Dhabi tech startup Bayzat raises US $16Mn in Series B funding
Author: Paroma Bhattacharya

The business world has been experiencing rapid changes driven by one major factor-Technology. As new-age technologies are all set to advance businesses, the need to upskill human resource is of paramount importance. Nu...


CTS presents Intelligent Transport Management Technologies at ITS 2019
Author: Saipriya Iyer

The rapidly expanding global population is further leading to rapid urbanization, which has raised many critical issues, including road safety problems and increasing congestion on the road. The growing need for sustai...


Freshworks looks for a fresh funding round to aim at $3 Bn valuation
Author: Saipriya Iyer

As per NASSCOM, India’s software as a service (SaaS) industry is slated to grow 36 percent annually and reach $3.3-$3.4 billion by 2022. Cheaper workforce, mature sales ecosystem, abundant talent and adoption of ...