Facebook is preparing to monetise its video service with pre- and mid-roll ads, and many believe that videos present the biggest opportunity for ad-business growth. The social media giant is refining its video ad products as part of a broader overhaul of the platform and will introduce six-second ads. It is also expanding its inventory for mid-roll ads for live video and video on demand (VOD).

Facebook announced it made $9.3 billion this quarter, a 45% increase compared with last year and 98% of this revenue came from advertising.

Facebook has been planning to launch online video programming with plans to have more than ten shows for this initial push and has approved multiple shows for production, according to sources. The social media giant announced its video strategy to dive into long-form scripted shows six months ago when it hired CollegeHumor Founder Ricky Van Veen as Global Head of Creative Strategy.

With these launches, the social media platform will be competing with Amazon, YouTube, and Snapchat, which have already established viewership numbers in the online video market.