Watch Netflix, Amazon Prime Video and YouTube-like shows on Facebook soon

Mark Zuckerberg-led Facebook is letting its intention to compete with Netflix, Amazon Prime Video and HBO as reports indicate that its video-streaming arm will have the first dose of content ready by June.

Facebook is soon going to come out with a video-streaming service to rival Netflix, HBO and Amazon Prime. (Facebook)

You will soon be spoilt for choice as Mark Zuckerberg-led Facebook is expected to release its first slate of Netflix-like content by mid-June thereby declaring itselg as a strong contender in the ongoing streaming wars.

According to a Business Insider report, Facebook that plans to produce top tier scripted TV shows and have them ready by mid-June.

Facebook will become a strong contender as it already has over 2-billion-member social network and others such as Amazon, YouTube, and Snapchat are locked in an arms race to secure their own premium video programming.

The programming will consist of signing of A-list celebrities and a dating show that takes place in virtual reality before the contestants meet in real life. Nearly 24 shows have been given a green signal, reports hinted.

Experts guess that the new content will appear on a revamped version of Facebook's video tab and will likely also appear on its video app on Apple TV which the company released in March.

Facebook declined to comment. However, BI quoted sources saying that Facebook's strategy involves producing two categories of shows: long form traditional programs such as Netflix's flagship program House of Cards and shorter less expensive shows that go for about five to 10 minutes and refresh every 24 hours.

CollegeHunour founder Ricky Van Veen is in charge of securing exclusive shows for Facebook for its new streaming service. (Facebook)

CollegeHunour founder Ricky Van Veen is in charge of securing exclusive shows for Facebook for its new streaming service. (Facebook)

There is currently no clarity whether Facebook wants to charge for the content and even if it does, how? It is more likely it will instead rely on advertising revenue and put ads in the middle of shows.

Ricky Van Veen who co-founded popular comedy website CollegeHumor is reportedly in charge of securing exclusive shows after being hired by Facebook in December. The content is expected to largely target the teen and young adult demographic to counter the success of Snapchat in courting younger users.

One source said the company was "obsessed" with its Snapchat rival — which in recent months has signed original show deals with a host of broadcasters including Discovery, BBC, ESPN and Vice Media.

The impending entry of Facebook into the increasingly competitive streaming and video-on-demand market comes after Amazon Prime recently announced it will commit $6 billion to its video-on-demand service in 2017.