Facebook is reportedly in talks with Hollywood studios and talent agencies about producing TV-quality shows and original programming. Sources say the new programming could launch late summer.
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, putting them in the same production class as high-end cable-TV shows.
Facebook is also pursuing lower budget episodic content with a mission of trying to own as much of the content as possible. This is part of Facebook’s ongoing effort to target the billions spent on television every year.
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.”
Facebook is a little late to this crowded game. However, all it takes is one big show to shoot to the top. Last year there were more than 455 scripted shows on TV.