Facebook Watch is a service that provides streaming of videos hosted by Facebook and access to "Facebook Original" series, shows that receive funding from Facebook. The service officially launched as Facebook Watch on August 10, 2017. For short-form videos, Facebook originally had a budget of roughly $10,000-$40,000 per episode, though renewal contracts have placed the budget in the $50,000-$70,000-range. Long-form TV-length series have budgets between $250,000 to over $1 million. The Wall Street Journal reported in September 2017 that the company was willing to spend up to $1 billion on original video content through 2018. In April 2023, Meta announced that they were scaling back on originals entirely, having already stopped developing scripted originals in 2020.