NBCUniversal’s Telemundo is betting big on Spanish-language streaming, launching a new studio to try and capitalize on the proliferation of streaming services.
Telemundo Streaming Studios is launching with more than 35 projects in development and plans to sell those projects to the growing number of streaming services around the world, most of which also want to have Spanish-language content on their platforms. It will also provide production services for direct-to-consumer streaming outlets.
It will be based out of Miami and be a part of Telemundo Global Studios, the company’s overarching production outfit.
The new studio isn’t that big of a strategic shift for the company, which already produces programming for Netflix, Hulu, Peacock, and other television networks and streaming services. Still, the decision to launch a studio laser-focused on streaming suggests that is the are where the company sees growth in content production.
The launch of the streaming studio also underscores the different strategies being pursued by Telemundo and its primary Spanish-language competitor in the U.S., Univision.
Now under new ownership and set to merge with the Mexican TV giant Televisa, Univision has launched a streaming service of its own, PrendeTV, with plans to make it a global powerhouse.
At a virtual event for advertisers in March, the company said that it plans to spend $100 million marketing the service this year.
So while Univision is planning to invest in its own streaming service, Telemundo is pursuing a “content arms dealer” approach and intends to produce shows for whatever streaming services are interested, including sister company Peacock.
