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Photo: Jaap Arriens/NurPhoto via Getty Images

Facebook announced Thursday that its video platform "Watch" has more than 400 million monthly users, and 75 million daily visitors.

Why it matters: That's a small number given how big Facebook's total audience is, but Facebook says that small number is highly-engaged, which will help it sell more ads.

Background: Facebook rolled out the "Watch" tab with original video programming to the U.S. in August 2017, and expanded the effort globally about three months ago. It has since added dozens of new shows from celebrities, media organizations, and TV networks.

Details: Facebook invested about $90 million funding news shows, in part to help some news companies be able to afford to create videos for the platform, but also to bolster Facebook's PR efforts around combating fake news by supporting quality journalism.

  • While it announced that it will be renewing some original shows, like "Huda Boss," "Five Points," "Sacred Lies," and "Sorry For Your Loss," it will also cut funding for some news shows that are under-performing, per The Information.
  • Facebook also alluded to more funding scrutiny in its announcement, saying a show needs to "strike a chord in the broader cultural zeitgeist or serve a group of passionate people that want something they can’t get elsewhere," if it wants to be funded by Facebook.

By the numbers: On average, Facebook says daily visitors spend more than 20 minutes on "Watch." For reference, that means less than 5% of Facebook's total audience of 2.2 billion monthly active users use the product daily.

Be smart: Facebook says that the criteria used to determine whether someone is a daily active visitor of its product is by measuring whether a users spends at least one minute on the "Watch" platform per day, but Axios has confirmed that those 60 seconds do not need to be consecutive.

  • This is important because in order for Facebook to lure advertisers who typically buy ads on television to purchase video ads on "Watch" instead, it needs to convince them that the social platform's audience is just as engaged with shows on "Watch."
  • But TV networks measure a "view" of a show based on whether a show was watched for 60 consecutive seconds.

Go deeper:

Go deeper

School principals are not OK

Principal Alice Hom (purple jacket) stands outside Yung Wing School P.S. 124 and a vaccination van on November 18, 2021 in New York City. Photo: Michael Loccisano/Getty Images

The overwhelming majority of secondary school principals experienced frequent stress last school year, according to a RAND Corporation report out Wednesday.

The big picture: The stress levels among female principals and principals of color were especially stark, with nearly 40% in these groups reporting constant job-related stress, compared to about 24% of male principals and 26% of white principals who said the same.

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.