Facebook Chases TV’s $70 Billion Stash With Its Own Video Series
- Video tab on site said to be pushed back to later this year
- Company said to fund some ‘hero’ shows with six-figure budgets
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With the $70 billion TV advertising market in its sights, Facebook Inc. is starting to bankroll the creation of video series that will begin to appear on the world’s largest social network later this year.
Facebook is closing deals for its first batch of shows, including two that the Hollywood Reporter unveiled earlier this week -- reality competition series “Last State Standing” and a second season of comedy “Loosely Exactly Nicole,” which first appeared on MTV. The shows will be available via a new video tab on Facebook that hasn’t been released.