YouTube Red steps up its bid to be the new Netflix

The company's executives have been meeting with Hollywood studios and production companies in the hope of strengthening its new ad-free subscription video streaming service Red with new titles, The Wall Street Journal reports.

Although negotiations are thought to be in early stages, the company is said to be focusing on new material, as opposed to older titles.

It was previously announced that YouTube Original Series and Movies will be available next year through YouTube Red and will include work from the likes of PewDiePie and The Fine Brothers.

YouTube makes virtual reality push with 360 degrees 3-D

Thursday's announcement comes a day after the debut of the first online 360-degree ad, a commercial for Bud Light.

Right now, viewers using the mobile YouTube app or Google's Chrome browser can pan around in any direction in the 360-degree videos. They're shot using special camera rigs that look in many directions, and software stitches together all the video.