Facebook to launch live game streaming app to compete with rivals

The battle of the U.S tech giants is not a new one for the business world. In recent development, Facebook (NASDAQ: FB) announced on Sunday that it will launch its gaming mobile application sooner than originally planned to pose a serious competition to Microsoft’s Mixer services, Google’s Youtube, and Amazon’s Twitch.

Facebook had initially planned on rolling out the application that focuses primarily on live game streaming in June. With the ongoing Coronavirus pandemic that has restricted people to their homes, however, Facebook said that it will now launch the app at the start of this week.

Video Games Demand Surges Amidst Social Distancing

COVID-19 has so far infected more than 2.4 million people worldwide and has caused over 165,500 deaths. The United States is currently the epicentre of the deadly virus reporting the highest number of confirmed cases and related casualties.

As government imposes strict social distancing measures, demand for video games and related indoor activities have surged sharply.

Facebook’s head of the upcoming gaming app, Fidji Simo, commented on Sunday:

“Investing in gaming in general has become a priority for us because we see gaming as a form of entertainment that really connects people. It’s entertainment that’s not just a form of passive consumption but entertainment that is interactive and brings people together.”

As per the sources, Facebook’s new application will feature casual games and enable users a broader access to exciting gaming communities. The world’s largest social network also highlighted on Sunday that its live game streaming app will be launched for iOS platform at a later stage after receiving Apple’s approval.

Facebook is yet to comment any further on the recent news.

Facebook Donates £80.62 Million To The Global News Media

In separate news, Facebook recently announced £80.62 million in donation to the global news media that has been disrupted severely due to the ongoing health crisis.

At £143 per share, Facebook is currently trading around 15% down year to date in the stock market. In mid-March, the stock had dropped to as low as £117 per share. It however, recovered rapidly in the past four weeks.

Facebook’s performance last year, on the contrary, was reported largely upbeat with an annual gain of more than 50%.

At the time of writing, Facebook has a market cap of £409 billion and has a price to earnings ratio of 27.89.