Facebook Inc (NASDAQ:FB) is reintroducing a scripted comedy series just a few months after it was cancelled for low ratings. Reports indicate that Facebook is in the final stages of closing a deal that will revive comedian Nicole Byer’s series Loosely Exactly Nicole back on air barely four months after it was pulled down by MTV. The show had aired only one season before MTV pulled the plug.
The series is a semi-autobiographical featuring Byer. The show started airing on MTV in September but did not manage to get over 360,000 viewers per episode. It was finally scrapped off air in October.
If news about its revival is anything to go by, then it will mark a reunion between former MTV executive Mina Lefevre and Byer. Lefevre is credited for creating the show while at the cable network. At the start of this year, Lefevre was hired by Facebook to oversee the development of original shows. The social media company had earlier announced plans to buy original scripted plus unscripted content so as to boost its growing video service. Facebook has already signed a number of deals with companies like Vox and BuzzFeed to develop TV-style video content.
This is not the first time a social media and online content is offering a TV series that had been canceled by its original producer. Hulu reintroduced The Mindy Project after the comedy series was dropped by Fox 2015. On the other hand, Netflix revived Longmire that was previously aired by A&E Network. Netflix, Inc. (NASDAQ:NFLX) also reintroduced Gilmore Girls and Arrested Development after being off-air for a long time.
Facebook is one of the leading social media companies working hard to increase its subscription on its video platforms by streaming exclusive original content. Twitter Inc (NYSE:TWTR) is also capitalizing on video content in a bid to attract more viewership. The social media company has signed a number of partnership deals with several leading media companies to stream their content. Snapchat is also in partnership with several companies including Vice Media, NBCUniversal and Walt Disney to develop original content.
Facebook has been a victim of a recent slump in shares that affected several technology companies including Apple Inc. (NASDAQ:AAPL) and Amazon.com, Inc. (NASDAQ:AMZN). The fall has seen America’s five biggest technological companies collectively lose $140 billion since Friday. Facebook closed the Monday session with a -0.78% or -$1.16 to close the day at 148.44.