Netflix is reportedly eyeing the news market with plans to launch a show similar CBS’ “60 minutes” and ABC’s “20/20,” according to a report from Market Watch, which cited a TV executive who recently collaborated with the streaming giant on a documentary series.
“Netflix have spotted a hole in the market for a current affairs TV show encompassing both sides of the political divide and are seeking to fill it,” said the person, speaking on condition of anonymity.
If the reports are true, it would be the first news show to land on the streaming service, which typically produces content with a bit more durability that consumers can watch months or years from its premiere date and still find it interesting. But for a company with a budget like Netflix, nothing is out of the question. The streaming giant recently made a push into the current affair genre with late night style talk shows starring talent including David Letterman, Norm McDonald, Joel McHale, Hasan Minhaj, and Michelle Wolf. The company is also said to be in “advanced negotiations” with Barack Obama that will see the former president produce a series of shows for the streamer.
“Netflix are proceeding with caution over this because they’re well aware that most new current affairs shows underwhelm and are expensive,” added the source. “They want to make their show economically viable without compromising the production costs and newsgathering operation.”
Netflix is expected to spend upwards of $8 billion on content in 2018, and will have in the neighborhood of 700 original TV shows on the service worldwide this year, according to CFO David Wells who made the announcement in February at the Morgan Stanley Technology, Media & Telecom Conference.