Yahoo launches first 2 original TV series

Yahoo makes new push into online video contents on Monday. [File photo]

Yahoo Inc. has stepped up its efforts in online video contents with plans announced Monday to develop two original comedy series and a Web channel that streams live concerts.

The two comedy series will each consist of eight half-hour episodes, closer to the traditional multi-episode TV series format that Yahoo's previous choice of short-form videos. Just like Netflix did with the House of Cards, Yahoo plans to post the comedy series all at once.

Other Space, one of Yahoo's new series, is a "galactic adventure" set in the 22nd century created by Paul Feig, who directed the film Bridesmaids and created the Freaks and Geeks TV series. The other series Sin City Saints, from producer Mike Tollin and director Bryan Gordon, will tell the tale of a fictional expansion basketball team in Las Vegas. Tollin and Gordon worked on Smallville, One Tree Hill and Curb Your Enthusiasm.

Yahoo's new moves mark its efforts to promote its traffic and advertising revenue by introducing more video contents on its website. Last year, Yahoo, who has been able to held to the second-largest ad seller in the U.S. for a long time, slipped to the fourth place with only 5.8 percent of the overall digital ad market. Google held its dominating share of 39.9 percent, while Facebook and Microsoft held 7.7 and 6 percent, respectively.

Yahoo, who primarily runs an ad-based business, has an urgent need to bolster its ad revenue and online video seems the right option because high-priced ads can be sold alongside the series.

A Yahoo spokeswoman declined to provide financial details involved in the video deals.

Yahoo Monday also announced a new partnership with concert promoter Live Nation to stream one live concert every day, starting this summer.

Earlier on Monday, Microsoft also announced several new original online video programs, including a soccer reality show.