The social-networking giant is talking to Hollywood studios and agencies about producing TV-quality shows with an eye toward launching original programming by late summer, people familiar with the matter said.
In meetings with major talent agencies including Creative Artists Agency, United Talent Agency, William Morris Endeavor and ICM Partners, Facebook has indicated it is willing to commit to production budgets as high as $3 million per episode, people familiar with the situation say.
That’s the price range of high-end cable-TV shows. Facebook is also interested in more moderate-cost scripted shows in the mid-to-high six-figure-per-episode range, these people say. The company will be aggressive about trying to own as much of that content as possible.
The push for TV shows is part of a two-track effort at Facebook to up its game in video and target the tens of billions of ad dollars spent on television.
Facebook also is seeking short-form content, primarily unscripted, that could run for 10 minutes in the Spotlight section for videos, the people familiar with the matter say.
The social network is guaranteeing creators of short-form fare a minimum $5,000 to $20,000 share of ad revenue per episode, a person familiar with the company’s strategy said. Companies working on such content for Facebook include BuzzFeed, ATTN and Refinery 29, according to people familiar with the situation.
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