NewTV, which will create a premium lineup of original short-form series of 10-minute-long episodes, will face stiff competition from some quarters. Its USP is HBO-like quality, but some markets -- younger people in particular -- don't place too much stock in big budget production, choosing to stream YouTube videos that already adhere to Katzenberg's envisioned short and snappy format.

It will stand apart from the likes of Netflix, HBO and Hulu though -- Katzenberg said that NewTV (only the working title for now) is a "different use case." It's clearly a compelling business model if it's attracted the investors it has, which also include Sony Pictures, NBCUniversal, Viacom and Lionsgate. The startup is set to launch in late 2019, giving the company plenty of time to find another cool billion to get things up and running.