It's no secret that Facebook wants to be a major player in the video business, with some predicting that the company's social media platform will shift to an all-video model within the next five years. Facebook is now reported to be developing an app for TV streaming devices that will act as the hub for its video content, and potentially act as a rival to streaming platforms such as YouTube.

After watching the success of video-centric apps like Snapchat skyrocket, Facebook has made a concerted effort to build up its own video streaming capabilities. The company has been steadily adding streaming functionalities into Instagram, WhatsApp and Facebook Messenger and has made Facebook Live a key figure in its recent advertising campaigns.

Facebook isn't just interested in user-generated content, either. Sources from within media companies told WSJ they are in discussion with Facebook about bringing full-length television shows to its new video app, which will be accessible through streaming devices like Apple TV. This will include original or otherwise exclusive content spanning scripted shows, sports and entertainment, the sources said.

The app would also provide Facebook with a new and even more lucrative tool for pulling in advertising revenues, which are starting to level out on its core social media platform. This suggests the platform could be a free, ad-supported service similar to YouTube, rather than a subscription based, ad-free service like Netflix.

IBTimes UK has contacted Facebook for a comment on its future plans for video and will update this story once we receive a response.