Facebook about to compete with YouTube.

The social media giant is making plans on the way to compete on the video world with YouTube. They announced a new video platform called "Watch" that will feature live and recorded show episodes.

The new service will feature some live events that Facebook has acquired streaming rights for, including a weekly Major League Baseball game.

A Facebook spokesman told our sources that the company does not have a full list of shows yet, and emphasized that this week's launch is only a "limited test."

Users will be able to personalize their feeds and follow shows they like, much like YouTube's channel subscription model. They will also be able to comment in real time, and a tab will show what their friends are watching.