Facebook Is Thinking About Buying Original Video Content: Why Is The Social Network Considering Such A Move?
It can be considered that the lifeblood of Facebook is its users, along with all the content that they upload to the social network.
According to a report by Recode, Facebook is now looking to boost the content on the platform, specifically for videos, as it considers to purchase original content from creative partners.
Facebook Original Videos Coming Soon?
Recode reported that Facebook has started discussions with TV studios and other video content producers on licensing shows. Included in the talks are content in the form of scripted shows, game shows, and sports shows, with College Humor cofounder and now Facebook's head of global creative strategy Ricky Van Veen leading the discussions.
According to a statement by Van Veen, Facebook is looking to launch an ecosystem of partner content for the social network's Video tab, which is why the company is currently exploring to fund original content.
The goal is to show to users the possibilities that Facebook Video presents, especially with the mobile and social interaction that is unique to the social network.
Why Is Facebook Even Considering Such A Move?
Why is the social network even considering making such investments and putting in such effort, when there is already a lot of videos on the platform that are generated by users?
The answer to that question perhaps is that Facebook could be looking to make the Video tab a popular destination for users on the social network. Video on Facebook is currently scattered, appearing in the user's timeline and in certain sections of individual pages. With original content, users might make it more of a habit to visit the Video tab, which in turn would open up a path for Facebook to further monetize the traffic.
Facebook Live Video Push
The ongoing discussions for original video content on Facebook is similar to what the social media company attempted to do with livestreaming video earlier this year, when Facebook agreed to deals with several publishers and celebrities for the production of live content that are exclusive to the social network.
Some of the deals for Live Video, which include Vox Media as one of the partners, reach values of over $1 million per year, but that amount does not come close to what TV networks and streaming services pay for top-tier original content.
Sources familiar with Facebook's latest discussions for original video content claim that the company is simply interested in exploring different video formats on the platform, with no commitment yet made on making massive investments for original shows similar to what Amazon and Netflix have done.