Google and Alphabet CEO Sundar Pichai’s trip to Congress to answer questions from the House Judiciary Subcommittee on its digital advertising dominance is indicative…
Facebook has signed a deal with entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to create original video content for the platform, and is paying willing to pay up.
The deal will bring scripted and unscripted content to the platform, in a bid to compete with premium content creators like YouTube Red and Snap.
The scripted shows are intended to last between 20 and 30 minutes (and will include ad breaks), while the unscripted shows will average between five and ten minutes.
According to Reuters, Facebook will pay up to US$250 000 for the scripted shows, which will also grant it full ownership of the content.
The unscripted content, which will cost it between US$10 000 and US$35 000 along with 55% ad revenue, will belong to the creators.
Facebook has been looking to bring in more premium content for months, and in February hired former MTV executive Mina Lefevre to helm the development.
Facebook will pay up to US$250k for the scripted shows, which will also grant it full ownership of the content
Just last week, the company signed a deal with the Electronics Sports League to bring more than 5000 hours of premium esports content to the platform. Last year, Facebook also paid the likes of Buzzfeed and The New York Times to broadcast live on the platform.
The company was initially thought to be launching the original content next month, but sources told Recode that videos may only appear on the platform at the end of US summer.
In February, CEO Mark Zuckerberg explained that he wanted Facebook to be the first stop when users want to consume video content.
“The goal that we have for the product experience is to make it so that when people want to watch videos or want to keep up to date with what’s going on with their favorite show, or what’s going on with a public figure that they want to follow, that they can come to Facebook and go to a place knowing that that’s going to show them all the content that they’re interested in,” he said.
Featured image: Tech in Asia via Flickr (CC 2.0, resized)