Today it was reported that Amazon had acquired the exclusive subscription rights to the Nickelodeon content that Netflix recently lost. The deal, which is focused on children’s content, makes Amazon Prime the exclusive streaming purveyor for such kid’s favorites as Spongebob, Dora and Blue’s Clues.

This news, coupled with the investment that Amazon in it’s own original content via Amazon Studios, shows the company is slowly but surely building its own exclusive content war chest that it will use not only to do battle with Netflix and other premium content subscription services using its member-program, Amazon Prime, but also to possible fill out its own “channel” roster should it launch its own streaming box in the next 12 months.

Still, it remains to be seen how much Amazon is willing to invest in content. Even for a company that operates on fairly thin margins and has historically shown a willingness to make them even thinner by investing in forward-thinking initiatives, bidding for  content rights becomes a very expensive hobby very quickly. A battle with, say, Netflix over licensing could start to cause Wall Street to grumble pretty quickly given how small the video subscription business is relative to Amazon’s other business units.

And in the end, Bezos has is a guy who has historically shown that he prefers to build his own vs. buy.  So I think the Nickelodeon rights were likely an opportunistic buy and likely more the exception than the rule.

The big bet, in terms of content, is Amazon Studios.