Facebook ropes in BuzzFeed, Vox and others for its shows
What's the story
Facebook is leaving no stone unturned to become the all in one solution for the internet savvy millennial.
Reports suggest that it has now signed up Vox Media, BuzzFeed, ATTN, Group Nine Media and others, to create original contents for its next big jump to provide video services like Netflix or Hotstar on its platform.
Here's all that you need to know.
Format
Binge watching on Facebook
In its upcoming video service, Facebook is going to feature both long and short form content.
While small shows of 5-10 minutes will not be owned by the company; the scripted ones, on the other hand, will be owned by Facebook and are going to be 20-30 minutes long.
Facebook plans to garner sizeable revenue from this new venture through advertisements.
Revenue
Revenue generation and profit sharing
Facebook is ready to cough up $250,000 for the longer, scripted shows, which it will own and between $10,000-35,000 for the 5-10 minutes content; it'll also give 55% of the revenue that would be made via advertisements to the show creators.
Considering Facebook has almost 2 billion users on its platform, it won't have much problem raking a sizeable profit in this venture.
Details
Nitty-gritty of the deal
The short-form content creators will be able to showcase their videos on their own channels or even sell them after Facebook finishes running them exclusively on its platform for a stipulated period of time.
Facebook has recently signed a Major League Baseball deal to broadcast 20 games "live" this season and it currently offers "live" feeds of several news publishers on a daily basis.
Shows
New age millennial shows
Previously, Business Insider had reported that Facebook has greenlit a dating show by Conde Nast Entertainment, in which the contestants will have their first dates via VR rather than meeting in person.
The report also said that it had roped in some A-list celebrities and a Hollywood star is going to feature in one of the initial releases, marking a grand beginning.
Snap
Snapchat is also in the race
Snap, the parent company of Snapchat, has recently signed Late-Night talk-show host James Cordan to do a talent-search program that will choose the next host of the late-night show. In addition, Conan O'Brien will now produce an animated TV show for the company.
Not only that, Snap is also working on multi-show deals with Discovery Network, Vice Media, ABC News, the BBC and NFL.