Facebook has rolled out its on-demand video service worldwide following a trial run in the US.
Facebook Watch is set to challenge YouTube, Netflix and Amazon Prime by offering a range of shows that viewers can choose from.
Facebook has said it expects to spend up to $2bn (£1.55bn) to produce content for Facebook Watch.
In comparison, Netflix expects to spend $8bn (£6.21bn) on producing original content in 2018, while Amazon Prime spent $4.5bn (£3.49bn) in 2017.
The roll-out of Watch comes as Facebook is developing a talent show feature for its app, which would allow users to pick a pop song and submit a recording for review.
Although the company has not commented on whether the services will be integrated, a music competition based on Facebook could be among the ways in which the company could attempt to make the most of its 2.2 billion users to contribute to its offerings on Watch.
Facebook will also allow content creators to upload original videos as well as create room for existing hits, with advertisement breaks available for uploaders in particular circumstances.
English-speaking audiences in the US and UK will join those from the Republic of Ireland, Australia and New Zealand to monetise their video content.
The would-be broadcasters need to meet Facebook's standards before they can include advertising breaks, however.
To sign up for the "Ad Breaks" service, content creators will need 10,000 followers or to generate more than 30,000 one-minute views per month – and Facebook will collect 45% of all of the revenues generated by these advertisements.
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Market analysts have suggested that the revenues from video advertisements could contribute substantially to Facebook's income.
Although Google-owned YouTube is a subsidiary of Google and does not report separate revenues, analysts have estimated it brings in several billion a year.