According to a new report from Reuters, BuzzFeed and Vox are among the media companies that have signed deals with Facebook to create short-form original series.
The shows, which were originally rumoured to debut in June, are now expected to arrive closer to the end of the summer. The report notes that there will be two types of shows: 20- to 30-minute shows that Facebook will own outright, and 5- to 10-minute shows that will be owned by the media companies.
Facebook will reportedly take a 45 percent cut of the ad revenue from these short-form shows. The report notes that Facebook is paying up to $250,000 for the longer shows and up to $35,000 for shorter ones. This is a relatively small investment in a world where a single Game of Thrones episode costs more than $10 million to produce.
Other media companies that have reached deals with Facebook besides BuzzFeed and Vox Media include ATTN and Group Nine Media, which publishes NowThis, Thrillist, and the Dodo.
Facebook’s push into original video represents an effort to extract advertising dollars away from the slowly-fading television industry.