The social network is rumored to release a live video application for set-top boxes like the Apple TV, according to a report from the Wall Street Journal. Facebook is speaking with media companies to help them create TV-quality content for a new platform that target YouTube‘s audience.
The upcoming Facebook app has been in the works since last summer, and will continue the company’s desire to make video the primary focus of its platform. Facebook is running into a revenue-building issue, having recently told investors there is no more place on a News Feed to feature ads.
Video for TV could change all of that.
Livestreaming video is something Facebook has been tinkering with for the past year. Last year, Facebook gave roughly $50 million to major media organizations, Hollywood celebrities, and digital creators to produce Live videos in support of its streaming feature. It declined to renew any of those contracts, and will instead focus on a Netflix-style application.
The company hopes long-form video will be easier to monetize than the shorter clips currently featuring on Facebook Live. In theory, the longer the video, the more room for ads and for increasing revenue.
The goal now is to launch a stable app with the backing of media companies that can reliably produce high-quality video content. If this is achieved, all parties will benefit, including all you cord-cutting millennials.