The Scoop
Netflix wants to quickly turn around more documentaries on events in the zeitgeist. Just don’t call it “news.”
The streaming giant has purchased a pilot television series from The Daily Beast, two people familiar with the deal told Semafor. Produced in conjunction with Bright North Studios, the Daily Beast pilot will run around 30 minutes and focus on a topical, buzzy news event or series of events in recent days. The project is in the early stages, according to people familiar with it, and while it is not clear what the format or structure of the show will be, it likely will not have the kind of sharply political focus that has scared some tech companies out of getting more into the news business.
Netflix and The Daily Beast declined to comment.
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Max’s view
Having emerged as the clear winner in the streaming wars, Netflix now faces a crucial dilemma: trying to figure out how much to worry about its biggest competitor in digital video, YouTube.
While YouTube does not compete in scripted streaming entertainment, and does not primarily offer the same types of costly, slickly produced documentaries or reality television shows, Netflix sees it as a competitor for eyeballs, particularly as YouTube viewership on home television screens continues to grow.
Still, Netflix has projected calm about the growth of YouTube on TVs.
In a conversation earlier this year with Semafor Editor-in-Chief Ben Smith, Netflix CEO Ted Sarandos dismissed YouTube as a competitor for talent, saying instead that the platform was a place to “cut your teeth on or develop an idea on” before coming to Netflix for better monetization.
Sarandos said YouTube creators were “making really interesting, compelling programming to watch,” but noted that “YouTube doesn’t give them any money up front to make it, so they’re doing it all, all at their own risk.”
But the decision to test out a quickly produced documentary show suggests the streaming behemoth is interested in the more immediate video content that powers YouTube. So too is Netflix’s interest in exploring how to make video podcasts on the platform, as Business Insider reported earlier this year.
Netflix isn’t the only streaming platform looking into content that more closely resembles news magazine-style programs.
While owner Jeff Bezos has found owning The Washington Post to be a headache in recent months, Amazon has also explored whether it wants to have a larger news footprint, particularly around major events. The company experimented with an election night news stream hosted by former NBC Nightly News anchor Brian Williams. The results were mixed.
The View From IAC
If the show gets greenlit for a full season, The Daily Beast’s series could represent a major win for the new leadership at the digital media tabloid. Since taking over the publication last year, Chief Content Officer Joanna Coles and CEO Ben Sherwood have aggressively slashed costs and overhauled the newsroom, dispatching much of the longtime staff and tweaking some of the Beast’s editorial sensibilities (the publication went from going after former New York Gov. Andrew Cuomo to bringing him on as a contributor).
The leadership change and subsequent cuts sparked tensions within the newsroom, which have spilled into public view. Former staff leaked internal spats and embarrassing editorial ideas by the new leadership and pointed out that many top leaders were banging away at stories that were likely below their pay grade. Leadership, in turn, suggested that many of the staff were lazy and bad at their jobs.
But over a year into the new regime, the publication’s ownership appears happy. By reducing costs, the Beast reached profitability after years of losing money, an achievement that was highlighted in parent company IAC’s quarterly earnings. In a meeting with IAC staff earlier this year, owner Barry Diller praised the Beast leadership team for its stewardship.