Personal recommendations will also be available on the tab for the shows, and it's not just YouTube and Netflix the new feature rivals - TV networks should also be threatened as they plan to stream live sports, too.
Users will be able to add shows to their "Watchlist", with the platform created to showcase new shows, organised around what user's friends and communities are watching.
Some of the sections mentioned are: "Most Talked About", "What's Making People Laugh", and "What Friends Are Watching".
Facebook says the initial roll-out will be to a limited group of users in the US with plans for wider distribution to follow.
Facebook has chose to jump into the ring with video giant YouTube and major television networks by launching its own video service, Mark Zuckerberg announced in a post on the social network. Another chief differentiation that capitalizes on Facebook's social networking expertise, the company said, is that viewers can comment or chat with friends while watching. But it's also a new approach for Facebook, which is centering itself around video as it tries to move past being primarily a feed of what your friends are doing.
Facebook said Watch will be available on a limited basis and will be gradually rolled out to users for use on mobile devices, tablets, laptop and desktop computers, and its TV app. As far as new shows go, Facebook shared a list of upcoming programming - life coach Gabby Bernstein for instance will be sharing both live and recorded episodes.
Now, they're following it up with Facebook Watch.
Watching video on Facebook has the incredible power to connect people, spark conversation, and foster community.
Facebook Watch is available now to a handful of users in the U.S. and arrives as a revamped version of Facebook's Video tab, which it replaces. The company plans to eventually offer thousands of shows, Fidji Simo, Facebook's vice president of news and video, told Recode. Facebook is now funding some shows to give the platform a leg-up in its early days, but plans to stop that eventually and earn money through ads in the long run. Also, Facebook has a deal with MLB to broadcast one baseball game a week.
Facebook said the type of content it believes will work well on Watch are: shows that engage fans and community; live shows that connect directly with fans; shows that follow a narrative arc or have a consistent theme; and live events that bring communities together.
Among the shows Facebook is paying for are "Returning the Favor", a show about inspiring people starring Mike Rowe, who was the host of "Dirty Jobs".