Facebook has been competing for years with TV for advertisements; however, it no longer wants to just "compete", it wants to take over TV!
The social media giant is now foraying into the online TV space.
It is ready to debut in August to launch its first set of shows on a dedicated video platform.
Know more about Facebook TV!
Facebook to enter original TV programming
First set of shows to focus on short-form programs
Facebook asked its media partners to turn in the first episodes of their spotlight shows for premiering in August.
The streaming service would initially focus on short-form (5-10 minutes long), inexpensive content; the partners have finished about two dozen such programs.
Facebook is also funding longer, high-end shows (20-30 minutes long); these would be solely owned by Facebook and would be launched later.
Who are all partnering with Facebook?
The media companies that have partnered with Facebook for short-form series reportedly include BuzzFeed, Vox Media, ATTN, and Group Nine Media.
Facebook pays up to $35,000 for the shorter shows (owned by partners) and $250,000 for the longer ones (owned by Facebook); the investments are relatively small compared to other series.
45% of the ad revenue from the shorter series would go to Facebook.
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Facebook in talks with studios, agencies
Facebook has lately been focusing on video with 360-degree videos, auto-playing clips in news feed, live video broadcasts, stories, etc. It has reportedly been in talks with major studios and media agencies for producing originals. However, Facebook is yet to confirm the reports.
Facebook's push into original video to display more ads
Facebook's foray into online TV represents its effort to siphon ad revenue off the fading traditional TV.
It earlier said it was "running out of room" to place ads in its News Feed.
This could have pressurized Facebook to find another profitable estate outside the feed for ads.
The service is expected to give Facebook a greater share of the $70bn advertising market.
Facebook's new video section
The online streaming service would reportedly offer a combination of scripted and user-generated content to over 2 billion Facebook users. The company wants to create something which is higher-end and bigger than YouTube. However, it wouldn't be competing with HBO, Netflix, and Showtime.
Facebook's plans about the service aren't yet public
The reports about Facebook planning to launch a service with TV-like shows first emerged in May'17.
Facebook has been hiring former media and TV executives to supervise its entry into the online video content space; that team continues to grow.
Facebook TV, initially expected to debut in June, was delayed several times.
Facebook sources say that further delays could still occur.