YouTube is seeking to acquire the streaming rights of TV series and movies in order to strengthen its new subscription service and better compete with rivals like Netflix and Amazon.

According to a new report from The Wall Street Journal, YouTube executives have met with Hollywood studios and production companies to negotiate licenses for new content.

This move comes weeks after the launch of YouTube Red, a $9.99 a month streaming subscription service that provides ad free access to exclusive content from YouTube megastars such as Lily Singh and PewDiePie.

While many of these Internet stars enjoy massive followings, in addition to a slew of advertising and sponsorship deals, it's likely that YouTube will have to expand its range if wants to truly compete with streaming giants like Netflix, Amazon, and Hulu.

"Well, that didn't take long," said Forrester Research analysts Jim Nail, via the Los Angeles Times. "When YouTube first announced Red, it was going to be a place to get exclusives and the best of YouTube stars. But clearly that's insufficient to justify the $9.99 price."

YouTube has called upon recently hired executives to take on the project, including MTV's former programming chief Susanne Daniels, and former Netflix execs Robert Kyncl and Kelly Merryman, according to BGR.

The company will also utilize Google Play's connections with content providers to negotiate deals, inside sources said.

Following the example of its competitors, YouTube Red will also feature original programming exclusive to the service. The company announced in October that it plans to release at least 10 original creations, including television series and movies, in 2016.

"To us, what is important is we are not doing what everyone else is doing, competing for the same sources of material, the same creative elements," Kyncl said, according to the LA Times. "We are looking for people who are proven to work really well on our platform."