Facebook has taken the world in the social media space but its plans for world domination don’t stop there. Now it’s planning to take on Netflix and other streaming services as it gears up to make an original series to be streamed on their site. Facebook’s vision of a community of users to gather around video from sports, to comedy, to reality, to gaming is what Nick Grudin, Vice President for media partnerships have in mind.
Facebook might be a serious contender too for Netflix and other streaming giants. They’re committing to this plan and investing some serious money on it as well. The social media giant is looking to be the king in this space after reports that they’re dropping $3 million per episode. This means the production value of the series they’re producing is top notch so we shouldn’t be expecting mediocre special effects and post production.
The creators for now, will also be sponsored by Facebook themselves however Facebook wants to work toward videos being funded through revenue sharing products like Ad Break. This would mean that advertisements would probably be added into the series.
Facebook is currently in the talks with Hollywood studios about producing TV-quality shows with the aim of launching their own original programming by late summer.
Facebook hopes to target viewers ages 13 to 34 with a focus to the millenials that range from 17 to 30. Millenials are arguably one of the people that use social media and binge watches online content the most so it’s a no brainer as to why Facebook targets this market.
The current shows are still currently unknown however there are reports that Facebook will bring the cancelled MTV show “Loosely Exactly Nicole” back. The show was cancelled after only one season on MTV because of low ratings. It was loosely based on the life of Nicole Byer. Reports added that Facebook will bring it back for a second season on their website.
Another series reported to be streamed on Facebook is a relationship drama titled “Strangers”. The show is reportedly in the works as well as a show called “Last State Standing” which is a game show that has a grand prize of $500,000 where one contestant from every state will compete for it.
Despite Facebook most likely making a dent on Netflix and other streaming platform’s users or revenue, the social media giant is not planning to release its series in the same manner as Netflix or Amazon. The two produce and release full seasons at once which then urges users to binge watch an entire series. Facebook however, will release its episodes in the traditional manner of broadcast television. Facebook is also reportedly willing to share its viewership data with other companies unlike Netflix.
It is still unsure on whether the content is free for viewing or it’s a paid subscription like many of the popular streaming platforms out there. The promotion of this new feature is not much of a daunting task considering the social media site’s current user base is amounting to approximately 2 billion users a month. Facebook is probably ensuring that their website can practically give their users pretty much everything they need so they won’t need to exit the website to fill their other needs. Online video content is a top contender on the average internet user’s time and Facebook is hungry for that.