In the past I’ve been just as apt to criticize Amazon.com, Inc. (NASDAQ:AMZN) as I’ve been to commend its pet projects. I’m guessing roughly half my stances on its growth initiatives have been negative on Amazon stock, while the other half have been positive. For instance, I’ve always felt the prospect of a flying drone delivery army was not only stupid, but dangerous. Conversely, I praised the idea of Amazon getting into the bookstore business, suggesting if nothing else it would be a great marketing tool for the “lifestyle” company.

I make this point first to illustrate that have no agenda with Amazon stock. I’m neither a hater or a fan-boy. I call ’em like I see ’em (a necessary qualifier to stave off some of the strong accusations that inevitably follow when one offers an opinion of Amazon).

With that as the backdrop, I’m going to surprise a few AMZN investors when I say that reports of its interest in buying several smaller television channels — if the rumors are true — may be a bit out of the company’s wheelhouse, but is ultimately a smart move for the e-commerce giant.

Coming to a TV Near You

Take it all with a grain of salt; Amazon itself is still playing the “no comment” card on the matter. It’s been confirmed some several credible sources, however, that Amazon has been in talks about the purchase of several small, and mostly independent, television stations.

Although a few observers have speculated about what Amazon intends to do with this access to a new media venue, the truth of the matter is, nobody really knows. Then again, a big part of the charm of the idea to current and would-be owners of Amazon stock is that the company could do whatever it wants to with them, and most of it would bear fruit without much, if any, additional cost.

The odds-on favorite expectation for these channels: Using them as an outlet for the original video content already available via Prime, monetizing in a means that rival Netflix, Inc. (NASDAQ:NFLX) has been unwilling to consider.

It’s a move that would certainly make sense from mathematical point of view. The costs of producing its own content like The Man in the High Castle and Patriot are mostly fixed, but a means of monetizing them is currently capped at the number Prime subscriptions. Opening the door to the television commercial revenue would be an incremental addition to revenue at no additional production cost, allowing the company to reap a much bigger ROI on the $6 billion it plans on spending this year creating its own video content.

It could also be a means of more widely monetizing some of the sports content—like ten of this year’s Thursday night NFL games—it has bought the rights to.

Another business-building idea nobody is talking about: Though Amazon.com has helped dethrone them as the kings of easy shopping, Amazon could easily leverage its access to millions of products and develop its own home-shopping venue. That could effectively serve as a death blow to the likes of QVC and HSN, owned by Liberty Interactive QVC Group (NASDAQ:QVCA) and HSN, Inc. (NASDAQ:HSNI), respectively.

Yet another upside for Amazon stock packed into the premise is the (mostly accurate) notion that older consumers and viewers are unwilling to cut the cord and become a streaming subscriber simply because they’re uncomfortable with that sort of change. These about-to-be-acquired channels would connect a healthy swath of the 50+ crowd when no other means would unite them and Amazon. Again, getting them in the fold is the first, most challenging step for Amazon.

The possibilities are only limited by Amazon’s creativity. Billions of dollars worth of revenue are at stake.

Bottom Line for Amazon Stock

As has been the case with Amazon at any point in its history, no single one of its initiatives is a reason in itself to own or sell AMZN stock, no matter how brilliant or ridiculous (respectively) the idea was. Building a network of television stations, if it’s actually going to happen, is no exception.

As a whole though, on a net basis, it certainly seems as if Amazon’s more recent ideas have been better, more progressive than some of its older ones. The Echo puts Amazon in living rooms, where it can become a sales tool, partly by understanding that user’s lifestyle. It also sets the stage to become the linchpin for an owner’s smart home. The establishment of bookstores not only allows the e-commerce behemoth to sell some of its consumer technologies (and a few books), it encourages consumers to become Prime members… a huge victory for Amazon. The list goes on.

The aforementioned television channels, whatever they may end up becoming, will likely be another great tool that pulls people into the Amazon ecosystem. Once you’re in, Amazon can begin marketing a variety of its services and products to you. Getting you into the fold in the first place is the tough part.

In that light, the foray into the television business could be a big, albeit only long-term, win for Amazon stock.

As of this writing, James Brumley didn’t hold a position in any of the aforementioned securities. You can follow him on Twitter.