Brief: Facebook recruits Buzzfeed, Vox, and others for original video content

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