Facebook has signed deals with Vox Media, BuzzFeed, ATTN, Group Nine Media, and others to make shows for its video service, per Reuters. Facebook will not own the videos, which will range from 5-30 minutes, although it will own longer, scripted shows, for which it will pay up to $250,000. It will give show creators 55% of ad revenue.
Why it matters: Facebook is trying to gobble up more ad dollars by pushing out original content. Note: Facebook has been late to the content game. Platform competitors like Twitter, YouTube, and Snap have all been aggressively rolling out exclusive content deals with TV networks and investors have been waiting to hear from Facebook since they announced in February they would be producing and licensing original content.