Comcast wants to take over the Internet video world and replace YouTube as the online video powerhouse.
According to Business Insider, the cable giant is working with big name partners such as Vox, Buzzfeed and NBC Sports to release a video platform by the end of the summer. While the platform is currently known as “Watchable,” there are also rumors that the name could change before its release date.
Comcast is bringing out the big guns in order to stay current and not fall way behind. Aside from the aforementioned, Comcast is working with major brand and comedy sites like Refinery 29 and The Onion, hoping to produce loads of content that will get people leaving YouTube and Facebook and coming to them.
While digital content is at the forefront of Comcast’s decision, video advertising plays a huge part in their decision to enter the online video world. According to sources close to the Watchable platform, Comcast is worried that they will lose their influence and high position in the digital advertising world unless they move forward with the industry.
“Comcast is currently the largest seller of video ads in the United States,” says the source. “As platforms shift to digital, Comcast doesn’t want to lose market share, but they’re losing it to YouTube and Facebook.”
Comcast is also banking on the new marketing opportunities this will give current and future partners, mainly because online based websites will now have an even broader audience to share their stories and their products with, and equally as important, it brings in money. Cable contracts require Comcast to pay out licensing fees that are based off their number of customers. Digital content only requires they pay from their advertising revenue. It’s a win-win financially for everyone involved.
While Comcast’s spokespeople are keeping hush-hush about Watchable, they’ve been continuously upgrading their technology over the last few years in order to beat the competition. Other sources say they will be switching all their customers’ cable boxes to new consoles that will be Watchable friendly by the end of 2017.