Facebook is set to launch its own video offering.
The move comes as engagement with video content on the service continues to grow.
According to the company, 100 million hours of video are now watched every day on the social networking website and accompanying app, with 500 million people viewing video content on a daily basis.
Speaking on the company’s fourth quarter and full year earnings call, CEO Mark Zuckerberg said, “We’ve been testing new experiences like suggested videos, which enables people to discover more videos they might be interested in. We’re also exploring ways to give people a dedicated place on Facebook for when they just want to watch videos.”
Chief finance officer Dave Wehner said that the new wave of video content is helping Facebook in terms of time spent on the site, as well as engagement.
“What we’re seeing is that users are generating a lot of really high quality content, often pretty short-form, that people are really happy to consume,” said Sheryl Sandberg, chief operating officer.
“We believe that trend will continue because we’re at the very beginning with people really understanding the power of the smartphones.”
The announcement comes alongside plans to introduce live video broadcasting in a dedicated space on its iPhone app.
The feature will initially only be accessible in the US, and will extend the feature to the rest of the world over the coming weeks. An Android version is also being developed.