Photo credit: Viktor Hanacek.
The news:
- Facebook has signed deals with several online-based news and entertainment providers that are largely aimed at the “millennial” demographic. They’ll produce original content for Facebook’s soon-to-launch video streaming service.
- Among the companies reported to have partnered with Facebook are Buzzfeed, Vox Media, ATTN, and Group Nine Media, which operates sites including NowThis, Thrillist, and The Dodo.
- Facebook is looking for content in two categories: Scripted shows lasting 20-30 minutes per episode, and shorter scripted and unscripted pieces of around 5-10 minutes each. Facebook will pay up to US$250,000 for the former, and will own copyright and related IP. For the shorter format, it will pay US$10,000-US$35,000 for each show, and will grant producers a 55 percent share in ad revenue.
Why it matters:
- This latest move is set to put Facebook into direct competition with Alphabet’s YouTube Red and Snap’s Discover, as well as other video-on-demand services like Netflix and Amazon Prime Video.
- Facebook CEO and founder Mark Zuckerberg told investors earlier this month that the company was seeking “anchor content” for its video service.
- Facebook has already dabbled in offering news and sports-related video, including a deal with Major League Baseball signed earlier this month to live-stream 20 US baseball games this season.
Source: Reuters
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