Facebook has announced it's first two original series. This will put even more competition on the major movie studios in addition to the many platforms for original high quality video content (amazon, hulu, netflix, hbo, youtube, etc). It also means more jobs in the industry.
One show, Returning the Favor, will feature Mike Rowe, of Dirty Jobs, traveling to where people go above and beyond to help their communities. The other show is a currently untitled show about the Ball Family who have had a lot of success in basketball.
Where as many of the other platforms seem to focus on big budget productions, it seems Facebook will be targeting the reality show market and the sports sector. Something that hasn't really been done in the streaming world yet.
Read more about the future of facebook video at this location.