Facebook Inc. (NASDAQ:FB) aiming to produce its own video content

Social networking giant Facebook Inc. (NASDAQ:FB) , until now has been completely dependent on others to provide it with content but the company said it is also planning to start paying for its own stuff in future.

Furthermore Facebook Inc. (NASDAQ:FB) said it has been discussing it with the TV studios and other video creators about licensing shows, with the hope of enhancing the social network’s video efforts.

According to reports these meetings, which comprise discussions for scripted shows, game shows and sports, are being led by Ricky Van Veen, the College Humor co-founder who joined the company earlier this year.

This attempt appear to be similar to Facebook’s shot to boost live video earlier in 2016, when it struck deals with various publishers, including Vox Media, to produce live content exclusively for the company.

Although quite a few of those live-streaming contracts are for more than $1 million a year, but they’re nowhere close to what traditional TV networks or streaming services pay for top-tier programming.

With latest effort Facebook seem to be more interested in testing different formats, but hasn’t stanch to big-ticket investments like Netflix and Amazon have made for original shows and movies.

“Earlier this year, we started rolling out the Video tab, a dedicated place for video on Facebook. Our goal is to kickstart an ecosystem of partner content for the tab, so we’re exploring funding some seed video content, including original and licensed scripted, unscripted, and sports content, that takes advantage of mobile and the social interaction unique to Facebook. Our goal is to show people what is possible on the platform and learn as we continue to work with video partners around the world.”

Meanwhile social networks effort to takeover its own content shouldn’t be a shock. However it’s still a noteworthy step for Facebook Inc. (NASDAQ:FB), which has maintained, again and again, that it is a tech company, not a media company.

Previous articleJohnson & Johnson (NYSE:JNJ) declined to overpay for Actelion takeover
Next articleRoyal Dutch Shell PLC (RDSB) set to sell aviation fuels unit to Viva Energy Australia