The redesigned product, called "Watch," will be available initially to a limited group in the United States on Facebook`s mobile app, website and television apps, the company said.
The world`s largest social network added a video tab last year, and it has been dropping hints for months that it wanted to become a source of original and well-produced videos, rather than just shows made by users.
Reuters reported in May that Facebook had signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to produce shows, both scripted and unscripted.
Daniel Danker, Facebook`s product director, said in a statement on Wednesday: "We`ve learned that people like the serendipity of discovering videos in News Feed, but they also want a dedicated place they can go to watch videos."
Facebook said the shows would include videos of the Women`s National Basketball Association, a parenting show from Time Inc
Eventually, the platform would be open to any show creator as a place to distribute video, the company said.
The company, based in Menlo Park, California, faces a crowded market with not only traditional television networks but newer producers such as Netflix Inc
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