There could be a major new TV provider hitting our pockets. A tech startup --helmed by two of Hollywood and Silicon Valley's biggest names -- is planning to make TV programs specifically for cell phones. CGTN's Phil Lavelle reports from Los Angeles.  

There's a new battle for the small screen.

PHIL LAVELLE LOS ANGELES "No, not that one. This one. The screen in your pocket. The big players are coming for this."

Business 101 - you spot a gap in the market which you think is.

JEFFREY KATZENBERG HOLLYWOOD ENTREPRENEUR "Clearly the next big media opportunity."

And Jeffrey Katzenberg knows his stuff. He's a big deal in Hollywood. The co-founder of DreamWorks. One of entertainment's biggest names. And he's teamed up with Meg Whitman. Former boss of eBay. And Hewlett Packard Enterprise. Silicon Valley royalty a tech titan. A pair of them are going to start.

PHIL LAVELLE LOS ANGELES "Something 'new'. That's the name of it - NewTV. The idea is to make streaming videos for mobile phones. Sort of like what Netflix or Amazon Prime have done for home TV. Custom content. But specifically shorter, and made with cellphone streaming in mind. Of course - what any tech startup needs is cash. And they've got a lot of it. Convincing major American, British, and Chinese media companies to come on board."

PHIL: "The fact that you've got the likes of Jeffrey Katzenberg and Meg Whitman. These are big names - is this more likely to make it succeed?"

HENRY MEIER LOS ANGELES BUSINESS JOURNAL "Huge names - yeah, they have an incredible track record in the entertainment industry which has allowed them to raise money. You know, New TV - they just have a billion dollars in backing right now, which is an enormous amount for an unproven concept really."

PHIL LAVELLE LOS ANGELES "What New TV is trying to make clear is this won't be a viral video situation. The crazy cat videos - they'll still exist in their own space. This is about.

"Short form, but very high quality."

But the big question:

PHIL: "Why has this not been done before?"

MATT PRESSBERG TECH REPORTER, THE INFORMATION "I think there's a lot of conventional wisdom among TV and film executives where they've done it a certain way for so long, they've come up in their career doing it one way, and they're almost a prisoner to certain formats. You're right, it is a little surprising that it's taken this long to create cellphone native content, even though the younger generation, the youngest demographic has been watching TV on their phones primarily for the last three or four years."

This is a town - an industry - built on dreams. And failures. Will NewTV's mammoth backing protect it?

HENRY MEIER LOS ANGELES BUSINESS JOURNAL "It seems right now that there is ever expanding demand for more content, more content, more content."

It is certainly one to watch.

Phil Lavelle, CGTN, Los Angeles.