Even if Facebook video offerings competing with YouTube has faced a lot of criticism, the social networking giant isn’t giving up. While Facebook is solving problems regarding video views and Freebooting, at the same time it has been launching features that will make its video offerings to users and publishers complete.
Right now users go to YouTube, the video social network to watch videos, and in doing so they spend more time seeing other related videos. YouTube is a hub for video consumption and Facebook knows it will have to incorporate the same, so its users dig into more videos.
Facebook video hub
Right now one can view a video when it pops up on the News Feed but all that is going to change as Facebook is testing a dedicated hub for those looking to watch video on Facebook that will help “people discover, watch and share videos on Facebook that are relevant to them.”
The video hub will have videos that have been saved for later or videos from friends, Pages one follows, and other video publishers on Facebook. In other words you have a single point destination that will have all the videos. It can be accessed by tapping a “Videos” icon at the bottom of the Facebook app on iPhone or in the “Favorites” section on the left-hand side of News Feed on the web.
Facebook is testing this with a small number of people now, so this isn’t something most people will see on Facebook right away. We look forward to seeing how people use it to discover, watch and share videos with their friends.
Besides, Facebook is testing a way for people to watch a video in a floating screen while simultaneously multitasking on Facebook. Along with multitasking sometimes people want to watch a video, but they don’t have time or aren’t at the right place. To make it easy to return to the videos you’re interested in, Facebook has been testing a button that allows you to save a video to watch later, which can be accessed in your “Saved” bookmark.
Suggested videos is one of the features Facebook has also been testing on iPhone, making it easy to discover multiple related videos in a row after you tap on a video from News Feed. “While we’re still in the early days of testing, we’re pleased with initial results, which show that people who have suggested videos are discovering and watching more new videos.”
Facebook has now rolled out suggested videos to most people on iPhone globally, and is also starting to test this on the web with plans to test on Android phones in the coming months.
What do brands and publishers get
Earlier in July, Facebook decided to offer selected video creators — including the NBA, Fox Sports and Funny or Die — a cut of advertising revenue that appears with their content on the social network. Facebook decided a revenue split of 55% to the video creator and 45% to Facebook, which is the same as the terms on YouTube.
Later when Facebook started testing Suggested Videos, it started inserting video ads with the rest of the content — and unlike video ads in the News Feed it plays with sound given that a user there has already chosen to hear audio.
After the three month test, it’s showing up more in mobile news feeds. Adweek reports that during a small test late last week, ads for Under Armour, Procter & Gamble, Taco Bell, Jet Blue, Target and KFC were playing alongside publishers’ clips.
The new format that gives Facebook another feed to show off ads that autoplay with sound confirms its push to make video a top priority. It also offers a new revenue stream the company wasn’t getting before. Now the same will be rolled out in the new Video Hub, similar to what YouTube also does. The hub that happens to be the discovery point of videos for a user will also have video ads from brands and publishers.
With video becoming the main source of content consumption, Facebook is quietly building its video arm so that users spend more time on the network, thereby adding a new revenue stream.
During a panel at Variety’s Entertainment and Technology Summit, Facebook ad product lead Ted Zagat said that the company expects video to effectively take over the social network in the coming year or two. With these solutions the social networking giant is all set on the right path to give stiff competition to YouTube.