Amazon (AMZN - Free Report) is leaving no stone unturned to bolster the video streaming business. The company is going to make new episodes of the Canadian comedy series named The Kids in the Hall on Prime Video.
The series will make a return to the screens after 25 years. It had first premiered in 1989 on CBC and was subsequently broadcast in the United States on multiple networks.
It will be a continuation of the original show and consist of eight new episodes. The cast members will remain the same, namely, Dave Foley, Kevin McDonald, Bruce McCulloch, Mark McKinney and Scott Thompson. Lorne Michaels will produce the series on Amazon Prime.
The series will be available in Canada, and more than 200 countries and territories around the world.
However, The Kids in the Hall is not the first Amazon Original to film in Canada. The company has already filmed 18 Amazon Original series and films in Canada.
Its content portfolio will further expand with the addition of the latest comedy series.
We believe the latest move bodes well with the company’s strong focus on strengthening its Amazon Studio.
Amazon.com, Inc. Price and Consensus
Video Streaming Market
According to a new report by Grand View Research, the global video streaming market size is expected to reach $184.3 billion by 2027, at a CAGR of 20.4% from 2020 to 2027.
Rising technological advancements such as implementation of block-chain technology in video streaming and use of artificial intelligence to improve content quality are expected to further boost market demand.
Amazon — given the latest move, heavy investments on regional and local language content, along with Prime benefits — is likely to continue boosting its position in the booming space.
Since video streaming remains a very important factor behind the great success of Amazon Prime in the past few years, we believe the increasing number of original and acquired series will continue to benefit Prime.
The latest series will expand the company’s vast original series portfolio, which remains a positive for Prime’s solid momentum. It will also provide Amazon a strong competitive edge in the industry from players like Netflix (NFLX - Free Report) , Hulu, Facebook (FB - Free Report) and Apple (AAPL - Free Report) , among others.
Although Netflix enjoys first-mover advantage in the market, Amazon Prime has been making continuous efforts to gain traction of late.
We note that Amazon’s increasing investments will continue to enrich its video content’s originality, which will further strengthen the company’s competitive position.
Amazon currently 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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