Facebook plans to have about two dozen shows for this initial push and has greenlit multiple shows for production, according to people familiar with the discussions.
Facebook considers scripted video in high-quality programming as a vital tool that can help in retaining users.
Business Insider's sources say that Facebook will be getting a reimagined video tab and a lot of comedic shows that last between five and thirty minutes. The premier tier would have shows similar to those on primetime TV, with longer run times and higher production values.
The effort to snag exclusive shows is being led by CollegeHumor cofounder Ricky Van Veen, who Facebook hired in December to be its global creative strategy chief.
Read the Business Insider report here. According to sources, this show, created by Conde Nest Entertainment, will have two participants go on a first date in VR before they actually meet in person.
Facebook is also focusing on producing more teen-centric shows apart from the range of content that the company has planned for. In addition, a number of "A-list celebrities" are said to be in talks to make appearances on different shows, with one unnamed star already having signed a deal.
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"But (Facebook) decided to instead make the debut in time for the Cannes Lions advertising festival, which starts on June 17", the report said.
The US tech giant reported profits of just over $3bn (£2.4bn) in the first quarter, a 76% rise year-on-year. The social network has been testing the ads for months with a handful of publishers in live and recorded videos, but hasn't made the format widely available.
"As we shared past year, we are funding some seed video content from our partners, and are evolving the initial Live deals to include other types of video content we'd like to experiment with".
The social media giant has seen significant success with many of its video features, including an auto-play mechanic that quickly connects users watching a short video to other viral or relevant content.
Unlike Netflix, however, all of Facebook's original video content will be free to watch and share.