It is a well-known fact that engagement has been falling on the Facebook platform and various efforts have been made to resolve this. After Facebook frequently stated that the daily video views were on the increase, it is only obvious that Facebook would turn to videos as their next step.
In the past much of Facebook’s time was spent reminding users of various content such as posts, however, content production that is original has been under consideration for some time. Facebook Live- a broadcasting feature by Facebook that is focused on live streaming- could provide users with exactly that intended original content. Even though, there has been much debate as to whether this focus shift to live videos might not be the cause of the falling engagement.
It is clear that Facebook sees a lot of potential in broadcasting live. This is due to numerous talks of Facebook paying celebrities and Internet stars to be on its platform, but also Zuckerberg talking about adding a fast-forward feature. Additional to this, Facebook also claimed, last year, that each day more than a billion video clips were watched by users.
A recent report by the Wall Street Journal indicated that large sums of money were being paid by Facebook to not only several internet stars and celebrities, but also to the creators of Vine and YouTube. These hefty amounts, amounting to the amounts of $2.2 million and over, are directed towards encouraging live streaming experimentation on the Facebook broadcasting feature.
It is believed that most of the money goes to media companies in order for them to work on videos for Facebook Live, but to a considerable number of Vine as well as YouTube internet stars too. Furthermore, it is believed that a sum of $2.2 million or over is being assigned to build and stream live from Facebook Live. BuzzFeed, the publisher, is reportedly being paid the most at present for broadcasting live and it is said that they could be receiving $3.05 million. This is said for the period of March 2016 to March 2017. It is also normal for contracts to vary and are dependent on predetermined elements, such as popularity.
Reasons for Facebook focusing more on live streaming may also be the result of other factors that have surfaced. This is for example the Facebook – SnapChat rivalry, with countless efforts by Facebook to outshine SnapChat, however Facebook has had no success in this regard. The reason for this is that the number of clips watched on SnapChat is fast growing as well as more than on Facebook, and this platform has less users than Facebook.
Another reason for this increase video focus could also be related to Facebook’s attempts to becoming a news source, even though these attempts came with a lot of public scrutiny. However, streaming news live may not exactly be unrealistic to achieve, as the possibility for Facebook to become a preferable news source could still be achieved.