Facebook launches new video service to compete with streaming sites

US social media giant Facebook is launching its own video content tool in an attempt to bring competition to the likes of YouTube and streaming sites.

While Mark Zuckerberg’s company recently brought in live video streaming for users, the new Facebook Watch tool will be more focused towards entertainment, where users can watch and comment on the content while it is broadcast.

Facebook said the new service will be personalised, in order for users to view content based on their previous interests and activity.

Social media sites have started to dip their feet into the broadcast of televised events such as live sports, as the model shifts away from traditional TV broadcasting.

“Watching a show doesn't have to be passive. It can be a chance to share an experience and bring people together who care about the same things,” Zuckerberg said in a post on Thursday.

"A place where you can discover shows your friends are watching and follow your favorite shows and creators so you don't miss any episodes. You'll be able to chat and connect with people during an episode, and join groups with people who like the same shows afterwards to build community."

The new Watch tab is likely to open new revenue possibilities for Facebook, particularly through its biggest income stream of advertising.