On April 29, Jerry Seinfeld took the stage at New York City’s Hammerstein Ballroom to help TV-streaming service Hulu introduce its new programming to potential advertisers. He was there to make a significant announcement: Hulu had acquired the entire nine-season run of Seinfeld in a deal estimated to be worth $180 million. After breaking the news, the comedian took a few minutes to answer questions from the crowd. “How would Seinfeld be different today?” one audience member asked. “All the media and social and digital capability makes the world a more annoying place,” Seinfeld replied. “What reason would Kramer ever have to come [to Jerry’s apartment]? You lose all of those entrances–he could just text me. The whole show goes in the toilet right there.”

Difficult People’s Eichner (left) and Klausner The New Hulu Five original shows coming soon to the service 11/22/63 Starring: James Franco, Chris Cooper, Cherry Jones

Executive Producers: J.J. Abrams, Stephen King

Premise: A high school English teacher (Franco) time-travels back to prevent JFK’s assassination. “This will appeal to both my dad, who remembers that day, and my 16-year-old cousin, who’s obsessed with James Franco,” says Hulu’s head of originals, Beatrice Springborn. DIFFICULT PEOPLE Starring: Billy Eichner, Julie Klausner, Andrea Martin

Executive Producers: Amy Poehler, Dave Becky (Louie)

Premise: Eichner and Klausner play abrasive New Yorkers who hate everything except each other. “There may be people who don’t like the show, and that’s okay,” says head of content Craig Erwich. “We’re not aiming for the middle. CASUAL Starring: Michaela Watkins (SNL), Tommy Dewey (The Mindy Project)

Executive Producers: Jason Reitman (Juno), Helen Estabrook (Whiplash)

Premise: Siblings share everything with each other, including details of their sex lives, in this provocative comedy. “It shows a really interesting family dynamic and the difficulty of modern life,” says Estabrook. THE WAY Starring: TBD

Executive Producers: Jason Katims (Friday Night Lights), Jessica Goldberg (Parenthood)

Premise: This family drama is set against the backdrop of an emerging religious movement that may be a dangerous cult. “The idea of looking at faith right now is really intriguing to me,” says Katims ROCKETJUMP: THE SHOW Starring: Freddie Wong and the Rocketjump team

Executive Producers: Freddie Wong and the Rocketjump team

Premise: The YouTube star offers a behind-the-scenes look at his stunt-packed videos. “The goal is to introduce Freddie to a broader audience,” says Erwich. “He’s not a guy who might get cast in a network sitcom.”

Hulu was once at the forefront of entertainment’s big digital shift, but in recent years it has lost momentum, and the Seinfeld acquisition is part of a recent push to reclaim its relevance. One of the pioneers of TV streaming, the company launched in 2008 as a collaboration between NBC, ABC, and Fox. But lately it has been eclipsed by its competition: At the time of Seinfeld’s announcement, Hulu had just 9 million subscribers–an impressive 50% increase over last year, but still tiny compared to Netflix and Amazon Prime, which each have more than 40 million in the U.S. alone. Now the company is pouring $750 million into a major expansion effort that also involves original content from well-known creators such as J.J. Abrams and Amy Poehler. “This is a high-risk game for them, but they don’t have any choice,” says tech analyst Roger L. Kay, founder and president of Endpoint Technologies Associates. “They need to raise money, invest, and cross their fingers. They can’t just sit there, because otherwise they’ll be eaten alive by the other guys.”

Hulu’s new strategy follows two failed attempts to sell the company in the past three years. When no buyer emerged (the asking price was reportedly around $1 billion), the networks that own the company decided to rethink their approach. CEO Mike Hopkins brought in a fresh team of executives, including head of content Craig Erwich (previously executive vice president of Warner Horizon Television) and head of originals Beatrice Springborn (a former Pixar development manager). Hopkins also promoted Lisa Holme to VP of acquisitions. Together, they are aggressively pursuing content that’s designed to get people talking–and convince them to pay $8 a month. “We don’t want Hulu to be a utility like your DVR,” says Holme. “We want to be a service people love. We want all that lovey, yummy, brand-y goodness from the programming to spread onto us.”

“We don’t want Hulu to be a utility like your DVR,” says Holme. “We want to be a service people love.”

In the past, audiences may have been turned off by Hulu’s confusing business model, which divided programming into two separate brands: Hulu (free, offering limited content on desktop computers) and Hulu Plus (a monthly fee for a larger array of shows on both desktop and mobile). As part of its overhaul, the Hulu team has decided to nix the Plus, and though there are still free and paid tiers, the branding has been simplified. “Research and tracking convinced us that people were confused,” says Hopkins. “Rather than trying to explain the difference, we want to explain what we have and why you should subscribe. We thought we could do a better job without the poor old Plus.”

The company is also making a big bet on the sort of buzz-generating original content that has been so successful for Netflix and, to a lesser extent, Amazon. Later this year, Hulu will premiere several high-profile programs, including J.J. Abrams’s adaptation of the Stephen King novel 11/22/63, starring James Franco, and the Amy Poehler–produced comedy Difficult People, featuring fellow Parks & Recreation vet Billy Eichner. In May, Hulu also announced it would be producing a new season of Mindy Kaling’s The Mindy Project, which had aired for three seasons on Fox. Also in the works are shows helmed by Juno director Jason Reitman and Friday Night Lights showrunner Jason Katims. “I’ve been to all the Hulu upfronts,” says Seth Meyers, whose animated superhero spoof The Awesomes will soon launch its third season on Hulu, “and all of a sudden, when James Franco and J.J. Abrams are there, it feels like a sea change.”