There has certainly been no shortage of news surrounding Facebook and video. So you don’t have to dive into every article, here is a quick recap of what’s going on.
First, the biggest #ICYMI news
This isn’t new news but if you missed it, we need to start here. Facebook’s Watch tab, featuring original content, is here! The list of Facebook’s partners includes The Atlantic, Hearst, Mashable, MLS, NASA, National Geographic and others. And guess what? Because Facebook has been collecting so much data about you over the years, they are going to personalize video suggestions for you. Watch is off to a slow start but Facebook is making a big bet on it.
More money than you’ll ever have in your life
We’ve known the social media giant to gobble up competitors but now Facebook is pulling out the big guns and aiming for Netflix, Amazon, Hulu and other live-streaming services. These days everyone wants to get into the original content game and Facebook has the mean$ to do it. According to the Wall Street Journal, Facebook is willing to shell out $1 billion on video through 2018. Facebook’s content creation plan is still unclear, but if you have an original script laying around it might be time to dust it off and pick out your pitch outfit. This will be a great new advertising opportunity for my social media mavens out there, but more importantly media companies who rely on Facebook for exposure without reaping revenue will be breaking out the Dom (or, because of budget cuts, Andre.) For Facebook users, if you thought you couldn’t spend more time on social media, think again.
Sorry, your video has been removed due to copyright infringement
Silent videos have their place but a great soundtrack can make or break a video. If you’ve ever created a video, you know that sourcing royalty free music is difficult. (As it should be.) For some time, YouTube has taken heat from the music industry regarding copyright and fair advertising revenue. With their focus on all things video, Facebook wants to quell this issue ASAP by offering “hundreds of millions of dollars” to record labels and music owners. Tamara Hrivnak, former YouTube and Warner/ Chappell Music Publishing exec, is leading the negotiations. Many Facebook videos feature music that users don’t have rights to. Facebook is looking to keep users happy by not removing their videos due to copyright infringement and generate additional revenue. In alignment with their content strategy, Facebook is looking to utilize their deep insights to make personalized suggestions to users for original content – which would likely contain ads. (It’s all coming full circle for you, now isn’t it?)
Protecting the hand that feeds you
Fake news and Facebook have been synonymous this year. Mark Zuckerberg and team have been working on strategies to change that. In response to concerns from advertisers that ads were shown on questionable websites, Facebook has released new rules that define eligibility standards for videos and articles to receive ad revenue. Facebook will also begin sharing a “post-campaign” report that will tell you exactly where your ads ran. They are also still seeking accreditation from the nonprofit Media Ratings Council. If you’re thinking about starting up a clickbait, fake news website – you won’t see ad revenue from Facebook. If you advertise on Facebook you can feel a little bit more comfortable about where your ads are being shown… but is it enough?
Weekend plans: Bonfire with friends
We’re not going to the beach and you won’t need matches either. It’s a virtual hangout with friends. Facebook is offering yet another way for you to stay home and still feel connected to the world. Their new app, Bonfire, is only available in Denmark and “takes inspiration” from Snapchat, Houseparty and other group chat apps. Facebook Stories haven’t seen success, so this new app is a strategy to engage young audiences and expand focus on video. It is also another example of Facebook trying to take over the internet by stealing ideas from competitors.
To sum it up, video will be driving Facebook’s strategies and likely yours as well.
But before we go, one more…
Crowdsourcing a mystery
We can’t talk about Facebook and video and ignore this heartbreaking story. A 19-year-old woman, Kenneka Jenkins, was found deceased inside of a Chicago area hotel freezer. A Facebook Live video, viewed more than 4 million times, has gone viral on social media as many believe the video provides clues to her mysterious death. Amateur sleuths are using the hashtag #KennekaJenkins to share theories and use their skills, ranging from activism to engineering, to solve the mystery. Police are also utilizing social media solve the case, which has become commonplace when investigating a crime. While many are voicing their opinion online that police are not doing enough to bring justice for Jenkins, police say that the makeshift detectives don’t have all the facts.