Google LLC's YouTube has dropped plans to produce its own Hollywood-quality scripted shows due to high production costs, Bloomberg News reported, citing sources.

The video-sharing platform has reportedly stopped accepting pitches for expensive content, with some programs getting the ax.

The move represents YouTube's retreat from direct competition with Netflix Inc. and Amazon.com Inc.'s Prime Video, which have heavily invested in original content on their respective platforms, according to the report.

Meanwhile, Susanne Daniels, YouTube's global head of original content, has denied reports she plans to leave the company in line with the strategic shift.

In 2018, YouTube announced a new strategy that entails making its new original programming free and ad-supported for all users. Its YouTube premium service, meanwhile, also started offering early access to original, exclusive content.

Google is a unit of Alphabet Inc.