Facebook plans to take on video giants YouTube, Netflix and Amazon, with its latest innovation.

The social networking site is launching its own video streaming service - Watch, as reported by Sky . For a long time social media users have enjoyed chatting about their favourite TV shows over Facebook or Twitter, but now Facebook wants to take it a step further.

Users will have a Watch tab on their feeds, meaning they can view a range of shows from comedy or reality to live sport. Users of the site will be able to create 'watchlists', see what friends are watching and communicate with other people interested in the same videos.

Facebook founder Mark Zuckerberg said some of the content would be made by "professional creators" and others by "regular people in our community".

Watch will initially be available to a limited group of people in the US on mobile, desktop and TV apps, before being made available to more people in the US in coming weeks. If its a success, no doubt we will be seeing it on this side of the pond before very long.

Video streaming is already a very crowded market, but a lucrative one. Here at Punchline, we're not surprised that Facebook is trying to take its piece of the action. But do we really need any more videos? Ask your kids - they may have a different answer to you!

What do you think? Email mark@moosemarketingandpr.co.uk