The giant social network didn’t get where it is by settling for second place in any market, however, and that has meant an unprecedented push by CEO Mark Zuckerberg into video in all forms.
The strategy began with a focus on streaming via Facebook Live, which launched in **, a feature that was aimed originally at celebrities and then expanded to include paying for live-streamed content from traditional media entities like the New York Times.
More recently, Facebook has moved aggressively into buying, commissioning and licensing longer-form, more TV-style content.
There have been reports for some time that Ricky Van Veen — the CollegeHumor co-founder Facebook hired last year — was looking to sign deals with a wide range of media companies, TV networks and individual artists for anything video related.
On Wednesday, some details of those arrangements finally came to light, when Reuters reported that the company has committed to distribute both short-form and longer-form video programming from a number of players — including BuzzFeed, Vox Media, ATTN and Group Nine Media, a New York-based outfit that owns short-form video producer NowThis.
Just as it did with its live-streaming efforts, Facebook has shown it is willing to pay up for the video it is getting from its various partners.
According to Reuters’ sources, the company is going to pay between $10,000 and $35,000 for videos that run 5 to 10 minutes long, and as much as $250,000 for any video that is 20 to 30 minutes long. The latter will be owned by Facebook, according to the wire-service report, while the creators of shorter clips will keep all the associated ownership rights.
Judging by the description, the shorter videos Facebook has in mind will be very much like the content that providers like ATTN, NowThis and BuzzFeed — with its popular Tasty cooking clips — already create for the social network.
The longer videos are a different beast, however, and they mark a distinct change in Facebook’s strategy. Instead of just being ad hoc clips of something newsworthy or funny designed to get clicks, the social network appears to have its sights set on what are called “scripted” shows, which is much more like what YouTube and others do.
YouTube has always carried episodic shows and scripted content, but it made a significant push into this as a business with the launch of a subscription service called YouTube Red last year.
As part of that roll-out, the Google subsidiary signed deals with a number of creators, some of whom got their start on the platform — including controversial game reviewer PewDiePie — as well as more mainstream sources such as ** and **.
Since then, the field of TV-style digital video has gotten even more crowded. Snap, which has been trying to justify its $20-billion market cap ever since it went public in March, has also been signing up a variety of players to create shows for its video messaging app. Partners in that effort include late-night TV host James Corden and NBCUniversal.
Mark Zuckerberg has said that he sees longer-form, scripted content as an “anchor” for a new video tab on the site, and that this will be a destination for those looking for video to watch. In other words, exactly the same position that YouTube currently occupies for many younger users of the web.
As with Snapchat, however, the multi-billion-dollar unanswered question is: Do people really want to watch longer-form, TV-style content on Facebook?
In much the same way that Snap is (and Twitter as well), Facebook seems to be moving towards video not because users want it, but because video is the place where it can get the most money from advertisers. Engagement levels are higher with video, meaning people tend to spend more time with them, and therefore they are seen as being more valuable.
As the traditional TV universe continues to fragment and disintegrate due to cord-cutting and other forces, Facebook and others like Snap see the potential shift of billions of dollars in TV ads, and they very much want to be the place where that money lands.
Among the hurdles that remain are a) coming up with content worth watching, and b) proving to advertisers that social views are as valuable as TV views. For the purposes of advertising, Facebook counts as a view anything that lasts longer than three seconds.
The comparison between social media and TV has been a bone of contention for some time in TV land, with a number of traditional networks arguing in their recent “Upfront” presentations to advertisers that television is worth more because it reaches real people. “**,” said NBC’s **.
In Facebook’s case, the issue is complicated by the fact that the social network has repeatedly had to admit errors in its audience-measurement analytics, including one mistake it admitted to last year, in which it over-estimated video views for more than two years.