Facebook wants to monetize video… like YouTube! According to how the deal will work out, content creators will get 55% of ad revenue will Facebook will get 45%. And they are starting it with a handful of partners only which includes  Funny or Die, Fox Sports and the NBA (this sounds like how they tested out Instant Articles… which is now similar too being dead).

They will have pre-roll ads similar to YouTube, but not exactly because Facebook autoplays videos in silent mode. And they also have this product called ‘Suggested Videos’ where ads will be playing in between different videos that a user clicks on. Actually, its just a bit confusing for now.

But Facebook is banking on the fact that video will become a very significant revenue contributor. They are right. Video is very popular on the Internet, especially for mobile. But whether it will benefit them is left to be seen.

Read about this in more detail at Fortune.com.