“Watching TV” has evolved immensely in just the past five years, so why wouldn’t Facebook throw their hat in the ring? They’re already well on their way to ruling the world.
In August, Facebook announced it will be diving into the video streaming space with a new offering called “Watch.” Along with curating a broad range of series, Facebook is planning to add community-generated content and original programming that will bring competition to giants like Netflix, Amazon, Hulu and YouTube. Funding to produce original series will come from in-stream ad revenue, similar to Hulu.
Facebook’s purpose for launching “Watch” comes from a desire to build upon the platform’s existing sense of community. Users are already talking about TV and video in their personal communities – why not take advantage of that buzz and create further connections that live within Facebook’s platform?
For advertisers, this presents yet another opportunity to connect with target audiences, while leveraging the powerful 1st party data Facebook offers. It’s also a way for brands to connect with longer-form video creative within Facebook, as opposed to simply in the NewsFeed, because users are anticipating desired long-form content once the ad is completed.
Early results seem promising. Facebook is touting average completion rates of 80% or higher and 11-point lifts in ad recall for test campaigns they’ve run so far.