Facebook to introduce new video platform to rival Netflix and YouTube

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Here's the lowdown on what this means for the average Facebook user, as well as a look at where Facebook might be going with their spin on a video grab.

Shows that fans can check out on Watch can be live or recorded, and will follow a theme or storyline according to Facebook.

- Thrillist's show about local communities and their food.

Facebook Watch can also be a social viewing experience.

Facebook wants to use Watch to create original videos that are exclusive to this platform.

"As people come to Facebook more and more to watch video, they want a reliable place to watch", Danker said in an interview. Today, one in five videos posted on Facebook are live.

The tab will become a home for all original video content that is produced by the official video partners of Facebook. "Similarly, we'll be opening up Shows to a limited group of creators and plan to roll out to all soon". Get ready for some awesome television content, folks. While YouTube's shows weren't particularly popular, they helped build a broader infrastructure to support creators, many of whom rely mainly on YouTube for revenue.

All you will have to do is click a "Watch" tab on Facebook to gain access from your social media feed.

Facebook is pitching Watch as a personalized experience that's organized around providing a social way of watching TV.

One feature that sounds pretty interesting is the fact the video streaming feature will be connecting to pre-existing "groups" on Facebook. Nas Daily publishes a daily show where he makes videos together with his fans from around the world.

Among the programming Facebook said it has funded itself is the previously announced Returning the Favor.

- McClatchy's "Titletown TX", a high school football show that Facebook bills as "a real-life version of 'Friday Night Lights'".

Wednesday, Ms. Simo said Facebook wanted a broad range of content. "The shows that we helped fund are really a small portion of that, and will be a shrinking portion over time".

Commenting on the move, Dror Ginzberg, Co-Founder & CEO of Wochit said: "This move is far more than just the creation of a new tab on Facebook".

You can create a "Watchlist" which is a list of your favourite shows that you follow so you can catch up on missed episodes.

For users, this is exciting, for Facebook and other investors it would add up to their revenue.