Why it matters to you
Instead of watching live content on Facebook, soon it may have scripted shows.
Facebook has officially signed deals with Vox Media, ATTN:, and Buzzfeed, and others to produce original video content.
After launching massive ad campaigns branding Facebook Live as the future of video, the platform has taken a different direction to lure users to watch video through its app, Reuters reports. This comes after it closed an estimated $50 million worth of live-streaming deals with publishers such as CNN and the New York Times. Facebook hoped media and personal streaming would give it an edge in the growing video market.
Instead, Facebook will follow the strategy of its (now) competitors, Netflix and Amazon, by paying and claiming ownership for scripted TV shows. The company will pay between $10,000 to $250,000 depending on the length of the shows, which can range anywhere from 5 to 30 minutes long.
By 2020, 82 percent of consumer internet traffic will be video, Cisco reports. This is an attempt to attract that audience and keep the retention of Facebook users high. It also keeps the service in the running with advertisers alongside rivals such as Snapchat, YouTube, and major television networks.
Facebook is already the default destination for sharing personal experiences, information, and customer outreach for businesses. By adding original TV shows and movies, it hopes users will have another reason to stay on the service longer. Ads will run for both long-form and short-term shows, with creators receiving 55 percent of the revenue.
Facebook says that creators will have free reign to stream and sell their content on external platforms after a set period of time. The option to go live on Facebook is still available for news publishers and personal users.