Amazon.com, Inc. (AMZN - Free Report) has accelerated its push into the online video streaming space with a new television show featuring A-list stars Robert DeNiro and Julianne Moore.
Amazon and FX were among the several networks fighting to secure this high-profile package, the news of which surfaced this August. Amazon ultimately won the race.
About the Series
Though the details of the plot are not available, the show is believed to be a mafia crime series set in the 1990s. David O. Russell will write and direct all the episodes. He along with Alexandra Milchan, Scott Lambert and Megan Ellison will also produce the series.
Amazon has reportedly signed a deal for two eight-episode seasons with the producer The Weinstein Company for $160 million with De Niro being paid $850,000 per episode.
AMAZON.COM INC Price
Amazon Rises to the Occasion
The original content space is extremely crowded and dominated by Netflix (NFLX - Free Report) . Other players that are trying to boost presence in this space include Dish Networks' (DISH - Free Report) SlingTV, Comcast's (CMCSA - Free Report) NBC Universal, AT&T's DirecTV Now, Alphabet's rumored Google Unplugged service, Twenty-First Century Fox, Hulu, HBO, Time Warner and Disney.
So, it’s up to Amazon to compete against them with successful ventures of its own. This new series is expected to do the job for Amazon, leveraging on the popularity of the top-notch movie stars and director who are making their foray into television after a successful career in the movies.
Notably, Amazon has been increasing its spending on original TV shows and movies, one of the main reasons behind its third quarter earnings miss. CFO Brian Olsavsky has already said that the company has increased its spending on video content and marketing twofold in the second half of this year from the last year
Currently Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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