The new section, called Watch, is meant to increase the amount of time users spend watching video by giving them a place to follow and discuss original shows, which can then be shared via their news feeds and in Facebook groups, according to product director Daniel Danker.
Facebook says the Watch tab will feature content created to "engage fans and community", including videos from popular vloggers and online personalities. Shows slots will also be opened up to a limited group of creators very soon.
It looks as though Facebook Watch will be quite similar to YouTube in terms of the content that will be shown, as opposed to something like Netflix - focusing less on hit TV shows and movies.
Creators can now upload shows onto the social media network - either live or recorded - and benefit from the two billion-strong audience on the platform. Facebook has a new home for the original video content produced exclusively for it by partners, who will earn 55% of ad break revenue while Facebook keeps 45%.
After introducing a "Video" tab previous year, Facebook said Watch will "make it even easier to catch up" with favorite videos from outside users' News Feeds. In this way the categories that the shows will be placed in will be more precise into the reactions people watching them have. Viewers will be able to use Facebook to nominate people to be featured on the show.
Facebook founder Mark Zuckerberg said in a post on the site: "Watching a show doesn't have to be passive". If Facebook plans to introduce the new "Watch" tab in India, it is likely to show some local content as well.
Called Watch, the new service is a dedicated place to watch videos and builds on the Video tab the company launched past year.
The aim of the platform is for creators and publishers to amass audiences and ultimately monetize their work.
Facebook said the new service will be personalised, in order for users to view content based on their previous interests and activity. They join the previously announced Returning the Favor with Mike Rowe from Hudsun Media, an untitled series about three basketball prodigy brothers Lonzo, Liangelo and LaMelo Ball, as well as a live game every Friday from Major League Baseball, among other projects.