As reported in The Wall Street Journal, Facebook has signed more than $50 million in deals with nearly 140 media companies and celebrities to create videos for Facebook Live, its nascent live-streaming service.
The impetus for the social platform’s sizeable investment in video creation is twofold: First, Facebook is positioning itself to cash in on a potentially lucrative ad market. Second, the platform wants to keep its 1.65 billion monthly users engaged.
Facebook’s video partners include CNN, The New York Times, digital publishers Vox Media, Tastemade, Mashable, and the Huffington Post and celebrities including Kevin Hart, Gordon Ramsay, Deepak Chopra and NFL quarterback Russell Wilson.
Back in March, Facebook announced that it would pay some creators to use Facebook Live, and some publishers have acknowledged being paid since that time.
As for just how much Facebook is paying out, the WSJ article reported that the value of individual contracts varies widely, with 17 worth more than $1 million. BuzzFeed, will receive the greatest sum, $3.05 million for broadcasting live between March 2016 and March 2017. The New York Times, will receive $3.03 million for a 12-month deal. CNN meanwhile inked a $2.5 million contract, making it the third highest paid media outlet.