YouTube Purchases Next New Networks

Yesterday, YouTube bought Next New Networks for less than $50 million, according to The Hollywood Reporter. The 4-year old NNN has created dozens of branded networks, such as Barely Political, that are available on YouTube. Next New Networks' original videos, including "Bed Intruder Song" and "Obama Girl," have reportedly attracted 2 billion views and 6 million subscribers across their associated channels. The New York-based firm normally helps web filmmakers increase their movies' profit potential and popularity.

In the last 18 months, NNN has moved from producing mostly its own content to airing work from outsiders. Even though YouTube reportedly does not plan to produce its own content, Next New Networks will help nurture emerging videographers who can make a living from advertising generated by their web videos.  eMarketer reported that this year the online video advertising market is predicted to grow from $ 1.4 billion to $ 2 billion. YouTube shares advertising revenue with roughly 15,000 independent content creators.