Facebook has been busy of late. In addition to steadily gaining users and announcing plans to provided free Internet to Africa via satellite, the social media company is getting ready for a renewed push against Google-owned Youtube to stake its claim on the lucrative Internet video market.
Ian Maude ofEnders Analysis told the press that Facebook, if it could make its free video service work, was well positioned to gain ground.
“Facebook already accounts for about 20% of the time people spend online, and it has an unbelievable level of data about its users, which is very interesting for ad-funded content providers. If it can marry high-quality content and more personalized targeting through the information it has on all of us, then that’s the Holy Grail for marketers.”
Youtube is an increasingly attractive platform for advertisers because it is cheaper, more flexible and reaches a wider swath of people than traditional video advertising ever could.
Big data analytics also allow ads to be targeted toward those who would be most interested in the product based on their previous viewing history. Video creators are also incentivized to make more and more content since they receive royalties that are a fraction of the number of ads viewed before their videos.
Facebook is looking to improve upon that model by launching a system whereby users will receive suggestions on video clips that may interest them. Facebook Executive Will Cathcart explained that Facebook wants to make the system as user friendly as possible: “We also know that sometimes people want to watch a video, but they don’t have time or aren’t in a place where they can turn on sound. To make it easy to return to the videos you’re interested in, we’ve been testing a button that allows you to save a video to watch later, which can be accessed in your saved bookmark.”
The social networking site also plans to pay creators the same way YouTube does. Ted Zaget, Facebook’s head of advertising, said “A year or two from now, we think Facebook will be mostly video.”
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Facebook fights YouTube for video dominance
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