Facebook unveils a YouTube competitor called Watch

Facebook revealed in a blog post on Wednesday that it will soon offer users a new way to watch videos on its social network called Watch.

Facebook had been rumored to be getting into TV-like shows for months now, but Watch looks more like YouTube. It will let users discover videos outside of their own feed more easily, while also giving them a way to create Watchlists, and an easier means of following the videos made by a favorite artist, brand or publisher like those from Tastemade or Major League Baseball.

The feature will roll out to a limited number of users, and video creators, in the U.S. first. But Facebook did not disclose specific dates.

According to a TechCrunch report, some users will have access to the Watch content and tab starting on Thursday this week. TechCrunch also reports that partners who make original videos exclusively for the social network will make 55% of “ad break revenue” via Watch, giving a 45% split to Facebook.

Following its last quarterly earnings update, Facebook Chief Operating Officer Sheryl Sandberg told CNBC in an interview, “We are making some early investments to create episodic content.”

Source: CNBC