Facebook is reportedly willing to spend up to $1 billion USD on original video content, according to a report by The Wall Street Journal.
This would go towards creating programming for its Watch video platform through 2018, which the company is using as a way to compete with the likes of YouTube and Netflix. One show that is already confirmed for Watch is based on Humans of New York, Brandon Stanton’s series of photos telling the inspiring stories of everyday New Yorkers.
However, Watch is not yet available for all Facebook users, with only a small group of people in the U.S. currently having access to the feature.
Last month, it was revealed that Apple is also up to spending around the billion-dollar mark in order to build up a library of original video content.
It’s worth noting that other companies have been spending several billion dollars each on original content. In 2017, Netflix is said to have been spending at least $6 billion in this area, while Amazon was estimated to be putting up around $4.5 billion.
Source: The Wall Street Journal