A huge cultural shift among young viewers has led to the creation of Multichannel Networks (MCNs), according to Sebastian Weil, CEO, Studio71, ProSiebenSat 1 Media.

Speaking at the first session of the Connected TV World Summit, he said that MCNs are the new broadcasters of the online video world.

Studio71 is the largest such company in Germany, with 269.3 million video views in March 2015.

It has also entered into a strategic partnership with CDS in the US, with its ambition to eventually create a top 5 global MCM through organic growth and smart M&As.

Weil said that Studio71sí four active areas are aggregation and talent scouting; development and production; channel management and cross promotion; and advanced traditional and concept sales.

Its core tasks are My Video, YouTube and other third party.

He also said that Studio71 monetises content through advertising and brand entertainment.