Facebook turns to "Millennial-focused" companies for its original video shows
The social network has reportedly signed deal with BuzzFeed, Vox, and othersBy Rob Thubron
There's been a lot of talk over the last few months about Facebook's ambitions for its TV-style shows, but it seems we finally know some of the companies that will create them. According to a report by Reuters, the social network has signed deals with "millennial-focused" internet media firms such as BuzzFeed, The Dodo publisher Group Nine Media, ATTN, The Verge owner Vox Media, and others.
As reported earlier this month, Facebook's shows will be split into two tiers: longer, scripted shows that last around 20 - 30 minutes, which it will own, along with shorter, scripted and unscripted shows lasting 5 - 10 minutes, which are owned by the providers. The programs were thought to be arriving next month, but now look set for broadcast around the end of summer.
Reuters' anonymous source says Facebook is paying up to $250,000 for the longer shows, which is pocket change compared to how much some big-budget TV shows cost per episode. For the shorter shows, Facebook will pay between $10,000 and $35,000, giving 55 percent of the ad revenue to the creators. Unsurprisingly, ads will run on both the long and short formats.
Back in December, College Humor co-founder Ricky Van Veen, who joined the Facebook team in early 2016 as head of global creative strategy, revealed the company would "kickstart an ecosystem of partner content" for its dedicated video tab.
In February, MTV executive VP Mina Lefevre left the cable network to join Facebook as head of development to lead its video efforts.
With more people, especially younger generations, abandoning traditional television, Facebook knows advertisers are looking elsewhere for their audience. With the platform running out of room for new ads in the News Feed, its TV shows could become a lucrative new source of revenue.