Facebook Plans to Spend $1 Billion Next Year On Content

In a move which will no doubt be music to Hollywood's ears, Facebook is reportedly planning to spend as much as $1 billion next year on building out its own, original video content. According to the WSJ, the spending will go towards making Facebook a destination site for people looking for television shows on its "Watch" video tab. The rush by technology sites to create their own shows has greatly benefited the Los Angeles movie, television, and content business, particularly with original programming being funded by Amazon (for Amazon Prime Video) and Netflix; the city has also benefited from YouTube and a very active program engaging creators in the LA area. Some early action in Facebook's content push surfaced in August, after Mitu reported Facebook had purchased two of its shows.