The social networking giant is ready to step into the premium streaming market.
Facebook is reportedly in talks with Hollywood Studios and could soon begin to produce its own television shows and series, and it plans to broadcast by late summer.
They are reportedly budgeting up to $3 million USD per episode for shows up to 30 minutes in length. This is a relatively large amount in the industry, putting Facebook’s spending in the range of marquee cable networks, and tech rivals like Netflix and Amazon.
“Our goal is to make Facebook a place where people can come together around video,” Nick Grudin, vice president for partnerships said in an official statement. “We’re supporting a small group of partners and creator as they experiment with the kinds of shows you can build a community around, from sports to comedy to reality to gaming,” he added.
Two series have already been named: Strangers, a relationship drama which premiered earlier this year at the Sundance Film Festival, and Late State Standing, a game show that, although is still on the talk, is already in the pipeline.
Unlike streaming king, Netflix, the shows, which will include ads, will drop episode by episode, week by week, in an effort to cultivate social interactions about each episode.
Will Zuckerberg’s new project be at Netflix level?