Sony is looking for someone to purchase a stake in Crackle.
The video streaming service, which was rebranded as 'Sony Crackle' earlier this year, doesn't enjoy the same popularity as Netflix or Hulu. Those competitors are able to reap the benefits of a subscription-based model, but Sony relies on advertising alone for Crackle's revenue.
Crackle has some original content, but a lot of what you can watch is licensed and decades old. The movies and TV shows are also far from critically-acclaimed save for a few items. Other services, meanwhile, are pumping out an endless number of award-winning shows.
It did have Jerry Seinfeld's Comedians in Cars Getting Coffee until Netflix scooped up the rights in 2018. Now there's just about nothing on Crackle worth watching and talking about.
Following several reports that an investor was being sought after, an internal memo from Sony Pictures TV's Mike Hopkins leaked online. The memo reveals that Sony wants to widen Crackle's reach and make more money off it.
To attract more viewers, Sony might consider a deal with another distributor. The company wants to strengthen Crackle's library. So it doesn't seem like original content will a priority anytime soon. Sony will work with a co-owner to bolster the licensed content and increase ad revenue.