YouTube bows out of race with Netflix and Amazon

YouTube has canceled plans for high-end dramas and comedies, people with knowledge of the matter said, a pullback from its grand ambitions for a paid service with Hollywood-quality shows. The source also revealed that the Google-owned business has stopped accepting pitches for expensive scripted shows.

The axed programs include the sci-fi drama “Origin’’ and the comedy “Overthinking with Kat & June,’’ prompting their producers to seek new homes for the shows. The retreat from direct competition with Netflix Inc. and Amazon.com Inc.’s Prime Video service reflects the high cost needed to take on those deeply entrenched players.

Meanwhile, Apple Inc will announced its much-awaited entry into the highly saturated video-on-demand sector in the much anticipated “Its Show Time” event. It has been extensively reported that Apple is leaving no stone unturned to present itself as a major in the streaming service business, with shows in association with Hollywood veterans like Steven Spielberg, M Night Shyamalan, Reese Witherspoon, Jennifer Aniston, Octavia Spencer, Charlie Day, Rob McElhenney, among others lined up.

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