The video website reports $420 million in revenue last year, but it is spending even
more to develop new shows, including series from Adrian Grenier and Michael
Wendschuh.
At a presentation to ad buyers Thursday, Hulu touted its growth, saying its more
than 2 million paid subscribers have made its $8-per-month video subscription
service the fastest growing in U.S. history. The company also reported $420 million
in revenue last year and expressed a commitment to original programming with new
series including The Awesomes, fromSaturday Night Live star Seth Meyers.
Hulu was the first of many online giants scheduled to roll out their content and meet
with advertisers in TV industry style upfront presentations during the next two
weeks. In a room that included Meyers,Smash star Megan Hilty, Morgan Spurlock
and Adrian Grenier, the company touted that Americans watched 2.5 billion videos
on Hulu in February — about 1,000 videos a second. Hulu also said it held 20 percent
of the online video market and 40 percent of the premium video market.
Most of Hulu’s traffic comes from the 1,900 TV series on Hulu and Hulu Plus, but the
company also has big hopes for its new original programming. Hulu recently has
made inroads here by launching the political-themed series Battleground and
Spurlock’s documentary series, A Day in the Life, and the site introduced its latest
programming investments Thursday.
The Awesomes, from Meyers and producer Michael Shoemaker, is about an
unassuming superhero and his cohorts who battle diabolical villains, the ever-
present paparazzi and a less-than-ideal reputation as second-class crimefighters. The
series previously was in development for MTV and has been resurrected.
Hulu also is greenlighting We Got Next, from Kenya Barris (Are We There Yet?),
Hale Rothstein (Everybody Hates Chris) and Danny Leiner (The Office), about four
unlikely friends who butt heads on the pickup basketball court and on the sidelines of
everyday life.
Other new shows include video game industry star Michael Wendschuh’s Flow, about
an individual’s quest for justice and redemption after being framed for a crime, and
Grenier’s Don’t Quit Your Daydream, about famous musicians collaborating with
those who gave up their musical ambitions. Up to Speed, a new unscripted show
from Richard Linklater about tour guide Timothy Levitch’s visits to ignored
monuments of America’s cities, was previously announced but also highlighted
during the presentation and will be launched in the summer.
Hulu is expanding into original content upon word of some troubles on the
acquisition front, including from its entertainment conglomerate owners News Corp.,
Disney and NBCUniversal. The New York Times recently quoted a TV executive as
saying that at the Hulu board level, “there is disagreement about the amount of
investment necessary to acquire content for Hulu Plus.”
The company reportedly is planning spending $500 million this year to acquire
content and enticing producers with the prospect of having greater control over their
work.
THR 4/19/2012 by Eriq Gardner