While the world of TV may have been stuck in a reality rut for a good decade, it’s now original programming which is making the most of film production lights. With the battle between television networks and streaming platforms for the hot new programme, Sky has announced that it’s doubling down on its offering of original content in Europe.
According to Bloomberg, Sky is creating a new television studio and also plans to double its investment in new original programming over the next five years. Last year, Sky spent £500 million on such programming, which means by 2024, it will be investing £1 billion.
The move comes largely in an attempt to keep up with Netflix. Netflix spent £12 billion on programming in the last year, which are available exclusively on their streaming platform. However, future investment in original programming also protects the likes of Sky from running into difficulties as more and more studios create their own online streaming platform. Disney and Warner Studios are both looking to launch their own streaming services soon, which will mean they keep their own programming and don’t license it any more to competitors. Think the end of Netflix’s Marvel series and you’ll soon see why Sky needs to safeguard its future programming.
Sky was bought last year by Comcast Corp., which also owns NBC, for $39 billion. It’s believed they are looking to merge their US and UK offerings and work together to produce a brand new online streaming offering.
