Amazon (AMZN) stock got a boost Tuesday after the e-commerce giant announced a new platform on its streaming video service that goes head-to-head with Alphabet (GOOGL)-owned YouTube.
The new platform, called Amazon Video Direct, lets anyone upload clips or their own licensed videos. They can also designate whether the videos are free or available to rent or own, or with advertisements.
In a press release, Amazon described Amazon Video Direct as “a new self-service program for creators and storytellers to make their video content available to Amazon customers, including tens of millions of Prime members.”
It also launched AVD Stars, a program which gives video creators a share of a $1 million per month award based on customer engagement with their title. Amazon will distribute to creators a monthly bonus from the $1 million monthly fund, based on the Top 100 AVD titles in Prime Video, in addition to any other revenue earned. It said the AVD Stars program will make its first bonus distributions based on streaming activity from June 1st to June 30th.
Sanford Bernstein analyst Carlos Kirjner raised his price target on Amazon to a whopping 1000, which is 47% above its close of 679 on Monday.
Amazon stock was up 2.9% near 699 in midday trading on the stock market today. In intraday trading, Amazon shares hit an all-time high of 701.38.
Alphabet stock climbed 1.2% to about 738. Alphabet is working on its fifth straight gain, but it is still below its 50-day moving average.
