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YouTube has long dominated the market for watching and sharing user-generated videos. Every month it generates tens of millions more unique viewers than its closest competitors and billions more content views. But Facebook has set its sights on the lucrative video market and is making a dent in YouTube’s share of the pie.

Facebook announced in its 2014 Fourth Quarter Report that it averaged 3 billion video views per day – up from 1 billion in just the previous quarter – and over half of daily Facebook users in the United States now watch at least one video per day on the social media site.

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