YouTube is stepping back from original programming. The Google-owned video site will cut back much of its investment in original programming, according to a report Tuesday by Bloomberg.
In a statement shared on Twitter, Robert Kyncl, YouTube's chief business officer, said the company will shift its focus to its "Creator Shorts Fund, Black Voices Fund and Live Shopping programming" in addition to its YouTube Kids Funds. He added that the company will keep its commitments to already contracted shows.
"With rapid growth comes new opportunities and now our investments can make a greater impact on even more creators when applied towards other initiatives," wrote Kyncl.
Susan Daniels, YouTube's global head of originals, will be leaving YouTube on March 1. Daniels joined YouTube in 2015 as part of the company's push into original shows and movies. YouTube began scaling back its originals in recent years, and in 2019 moved shows outside its subscription option, making them free and ad-supported.
The move comes amid the so-called streaming wars, with services like Apple TV Plus, Disney Plus, HBO Max and Peacock launching over the past few years to rival Netflix and Amazon Prime Video. How it all plays out will likely affect how many services people use, and pay for, to watch their favorite shows and movies online.
YouTube declined to comment beyond Kyncl's statement.