I’d definitely hesitate, honestly? Or at least, do it for the fun and the experience, but I’d be wary of doing it with the intent of building a breakout series.
(Mr. Downer coming through, sorry…)
The main reasons:
- Most people don’t care about web series enough to watch web series themselves, let alone a web series about web series. In fact, a lot of people don’t even know what a web series is. (Most people also don’t watch TV shows about making TV shows, or movies about making movies.) It’s already nearly impossible to build a web series audience without going too ‘inside baseball’.
- The fact that despite the above audience limitation, this is an idea I’ve seen a lot. Which means a lot of people attempting the same concept in a relatively small audience pool.
So, yeah, I’d say: do it if you have some great ideas, have fun with it, but limit your expectations. It’ll definitely be tricky to build an audience.
That said, with great writing and characters, anything will (at very least) make for a good portfolio project. Most web series are mostly useful for demonstrating your voice as a creator anyhow.