Including Paramount Pictures, five of the six major film studios, along with ten independent studios, have now agreed to rent films through YouTube and Google Play. While 20th Century Fox is now the only major studio holdout, many have found it surprising that Paramount joined Youtube's venture, given the fact that their parent companies are in a feud over a $1 billion lawsuit.
This new deal with Paramount reflects YouTube's recent strategy to expand its services beyond its trademark user-created videos. They want to provide their millions of online viewers with a range of entertainment options.
"Paramount Pictures is one of the biggest movies studios on the planet," said Malik Ducard, director of content partnerships at YouTube. "We're thrilled to bring nearly 500 of their films to movie fans in the U.S. and Canada on YouTube and Google Play."
The Paramount films will be available on YouTube Rentals and Google Play for $2 to $4 per viewing. Online movies and pay-per-view options have created even more competition between Google, iTunes, Amazon, and Netflix.
YouTube's breakthrough into the movie rental industry is just another example of a company continuing to innovate itself in order to stay relevant with consumers. While YouTube never lost popularity among its users, the company recognized another opportunity to broaden their brand and gain more profits.
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