Shares of Roku Inc. (ROKU) - Get Roku, Inc. Class A Report were rising Thursday after the company announced that it is adding to its streaming service by becoming a content producer like Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and other services it hosts on its platform.
The company announced that it will debut "Roku Originals" on the Roku Channel on May 20 with the launch of 30 exclusive titles, including scripted series, documentaries and reality television programming.
“The launch of Roku Originals will bring incredible, premium entertainment that has breadth, depth and diversity to the millions of streamers who regularly visit The Roku Channel and to many new viewers who may not even have a Roku device -- and it’s all available for free," said Sweta Patel, VP of engagement for Roku.
Roku shares were up 1.9% to $313.81 per share Thursday afternoon.
Roku's lineup of new shows were once featured on the now defunct short-form television service Quibi, which Roku purchased for less than $100 million in January when it launched the Roku Channel.
Last week, Roku jumped after reporting better-than-expected first-quarter earnings while also providing positive future outlook.
San Jose-based Roku reported a first-quarter profit of 54 cents a share on revenue that rose 79% year-over-year to $574.2 million. Analysts were expecting a loss of 13 cents a share on revenue of $491.6 million.
For the second quarter, Roku said it expects net revenue of between $610 million and $620 million vs. analysts' expectations of $550 million.