Is Facebook looking to build Netflix-sized video business?

Facebook Inc (NASDAQ:FB) is betting on video business. Reports have suggested that the social media giant might launch a Netflix-sized free, ad-supported video business.

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Recently, Facebook hired Mina Lefevre, a former MTV executive vice president, to help create original video content. Lefevre is joining the company as its head of development, Zacks reported.

“I have always been drawn to the idea of building something and the idea of being part of the team that helps build Facebook’s original content ecosystem…well, that just seems like a dream!,” Lefevre wrote on her Facebook page.

Lefevre was the head of scripted programming at MTV, a subsidiary of Viacom VIA. She worked on hit shows like Faking It, Awkward, Finding Carter, Scream, Teen Wolf, Nicole Byer, Mary + Jane, Sweet/Vicious, and The Shannara Chronicles.

At Facebook Inc (NASDAQ:FB), Lefevre is taking a responsibility for the development of scripted and unscripted content. She will also work with global creative strategy head Ricky Van Veen, who also the co-founder of CollegeHumor.

Facebook is going to monetize its video content with ads. So, the time spent by users on its site is critical to the social media giant’s ad revenue. Creating original content will not only engage users, but it could help the company to compete with the likes of Netflix, Amazon’s Prime, and Google’s YouTube.

During the most recent earnings call, CEO Mark Zuckerberg said that Facebook is about to start experimenting with shorter, episodic videos to in its News Feed. The episodic content, which can get people coming back week after week, is likely to be a key priority for the company.

Here is what Zuckerberg said when talking about Facebook’s video tab, Recode reported.

“The goal that we have for the product experience is to make it so that when people want to watch videos or want to keep up to date with what’s going on with their favorite show, or what’s going on with a public figure that they want to follow, that they can come to Facebook and go to a place knowing that that’s going to show them all the content that they’re interested in. That’s a pretty different intent than why people come to Facebook today. … The experience is designed to deliver on that promise — [that] you want to watch videos, you want to keep up with the content that you watch episodically week over week. This is going to be the place where you go to do that.”

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