Facebook to fund its own original video content

Facebook ‘s global creative strategy chief, Ricky Van Veen on Wednesday said the company wants finance its own original video shows, content is expected to include “scripted, unscripted, and sports,” according to Van Veen.. These videos that Facebook wants to license will live in the video tab that the company has been testing over the last year.

This practice is similar to the approach Facebook has used paying celebrities and companies to broadcast live video. Snapchat has also taken a similar strategy with its Discover section, which shows original content from media partners such as BuzzFeed and Vice.

The company has also made a big push in Facebook Live, a feature that lets people broadcast themselves live over the internet and directly onto the social network. CEO Mark Zuckerberg sees the format as the future of his company and has said  we’re entering a “golden age for live video.”

But the grab for original content would put Facebook in more direct competition with YouTube, Netflix and Amazon.