Google's popular online video platform YouTube has acquired New York based video production and distribution platform Next New Networks.
Founded in March 2007, the company has built a robust video production platform that lets partners create and distribute videos across the web. Next New Networks has grown rapidly, registering 2 billion views and with 6 million subscribers.
NNN will be a laboratory for experimentation and innovation, working alongside content partners and new talent to help them make a mark on YouTube, the company said in a blog post. The financial details of the acquisition were not revealed.
Google has also created a new team called YouTube Next which will be responsible for fuelling creator development and partner growth. The team will also be responsible for creating YouTube Next branded programs based on YouTube's past partner programs like the Partner Grants Program.
“We leave the actual creation of great videos to the people who do it best: our partners. This new group and the addition of the Next New Networks team doesn’t change that," Tom Pickett, Director of Global Content Operations and YouTube Next, stated.
"But being a great platform for creators also means helping our partners get the tools and guidance they need to develop higher quality videos and drive bigger audiences to their work,” he added.