Facebook Inc (NASDAQ:FB) TV shows are coming this August.
Facebook hired a number of media partners to create brief TV shows at an affordable price. The social media site also hired former TV and media executives to oversee the TV segment of the company.
About 45% of the ad revenue garnered will go to Facebook. In the future, the company will launch shows that it will own entirely, and these will be 20- to 30-minutes long and they will be of higher quality.
Its media partners for the longer shows include Group Nine Media, BuzzFeed, ATTN, and Vox Media. The company originally had plans to release these shows in June, but they were met with unforeseen delays.
Eventually, the company will also allow users to upload content generated by them in addition to the scripted shows. The social media site has more than 2 billion users around the world.
The television advertising market is worth $70 billion, and Facebook hopes to get a piece of this. It remains to be seen whether the company will be able to compete with industry titans in the world of online TV, but the short shows will give the company an idea of how popular it could be.
FB stock is up 0.2% Wednesday.