Amazon is launching a YouTube competitor

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Amazon founder Jeff Bezos.

Amazon is launching a competitor to YouTube called Amazon Video Direct (AVD), which will be a "self-service" program for video creators.

The program will let creators earn money from royalties and advertising.

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"For the first time, there's a self-service option for video providers to get their content into a premium streaming subscription service," Jim Freeman, VP of Amazon Video, said in a statement. "We're excited to make it even easier for content creators to find an audience, and for that audience to find great content."

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Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.