Social media giant Facebook is the latest tech company planning to branch into television with high budget scripted shows in the pipeline.
Facebook is in talks with Hollywood studios to start producing its own scripted shows, with a level of quality and budget to match traditional TV programming, as first reported by the Wall Street Journal.
The social media giant indicated it was willing to commit to substantial production budgets of up to $3m per episode, demonstrating its dedication to competing with streaming services like Netflix.
The amount earmarked for each episode roughly matches the cost of an installment of hugely popular Netflix shows like House of Cards and Orange is the New Black, although it is still dwarfed by HBO’s Game of Thrones, which at $8 million USD per episode is one of the most expensive programs on TV.
In a statement, Facebook‘s Vice President of Media Partnerships Nick Grudin said: “We’re supporting a small group of partners and creators as they experiment with the kinds of shows you can build a community around — from sports to comedy to reality to gaming. We’re focused on episodic shows and helping all our partners understand what works across different verticals and topics.”
The report stated that Facebook aims to reach an audience aged 13-34, and is offering up to $3 million USD per episode for shows. It is also looking to acquire cheaper series for a lower price.
The company is looking for shows like ABC’s Pretty Little Liars, Scandal, or The Bachelor, stated the report.