Facebook Inc’s Watch Video Service Competes Against Alphabet Inc’s Video Channel YouTube for Advertising Dollars
Renowned social networking website Facebook Inc recently introduced its Watch video service for the users in United States on August 31, 2017 having plans to enable its users to post videos of shows and become the best social media network competing against YouTube- a video posting platform offered by Alphabet Inc, primarily for advertising profits.
Most of the advertisers are shifting maximum part of their total budget from traditional television to various online platforms as many people have switched to tablets and smartphones for watching shows. Facebook started testing Watch video services earlier in August. On this platform, users can conveniently watch several shows and videos from the likes of Walt Disney Co’s ABC, A&E Networks, Discovery Communications Inc, Buzzfeed, Vox, as well as many live sports such as Major League Baseball.
If the eMarketer data is to be believed, American citizen invest more than seventy-three minutes each day in watching videos in the internet. The rate has grown by seven percent compared to last year’s data. Television watching has gone down by two percent compared to last year, which as 244 minutes in a day. This is a pattern which is expected to go on for years to come. Initially, Facebook has decided to pay some content developers for shows with an aim to drive user interest. According to reliable sources, the social media networking company is paying a whopping US$ 10,000 – US$ 35,000 for shows in shorter form and roughly US$ 250,000 for shows with longer form.
However, the company has not agreed to disclose or comment on the amount it was intending to spend on shows. Vice president of partnerships at Facebook, Dan Rose stated that Facebook Inc is not intending to make content purchasing a fundamental piece of its core strategy. The company is planning to gradually open its new Watch platform to every user around the globe so that users can submit shows for final approval and share approximately 55 percent of the total advertising revenue, Rose added.
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