Facebook signs content deals for forthcoming video service: report

Facebook is plowing ahead with its plans for a video service, signing deals with Vox Media, BuzzFeed, ATTN and other news and content sites geared toward millennials, Reuters reported Wednesday.

The social media company’s forthcoming video service will showcase longer and shorter videos with breaks for advertisements, sources told the outlet.

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Facebook’s move is in step with its larger pivot toward facilitating more original video content. The company had previously changed its algorithms to reward some longer videos, and has offered some content producers money for their videos.

In remarks to investors earlier this month, Facebook CEO Mark Zuckerberg said that the company was looking for “anchor content” that would draw people to the video portion of the platform.

The company will reportedly pay up to $250,000 for longer, 20 to 30-minute scripted shows that it would own. It would pay $10,000 to $35,000 per episode – along with 55 percent of ad revenues – for shorter, 5 to 10-minute shows that it would not own.

Facebook’s new push would put it in more direct competition with companies like Netflix and Amazon, which have been supplementing their video catalogs with original content, as well as Snapchat and YouTube, which dominate the shorter-length video space.