Facebook has reportedly already made investments of $ 50 million in the creation of live video from prominent individuals and content producers.
The WSJ was first to report the news of Facebook’s mammoth investment in content for its live-streaming service.
“The social network’s partners vary widely,” MarketWatch notes. “It includes established media outfits like CNN and the New York Times; digital publishers like Vox, Tastemade, Mashable and the Huffington Post; and celebrities including Kevin Hart, Gordon Ramsay, Deepak Chopra and NFL quarterback Russell Wilson.”
Apparently, BuzzFeed has secured the biggest contract to date, scoring a reported $ 3.05 million for broadcasting live over a twelve month period extending into spring of 2017.
“The value of individual contracts varies widely, with 17 worth more than $ 1 million, according to the document,” the report adds. “The document isn’t a comprehensive accounting of all of Facebook’s dealings with video creators, but it shows the broad scope of the tech giant’s efforts to promote its nascent Facebook Live product.”
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