Facebook just lost a $600 million bid to livestream IPL matches

While Facebook has been working on making its platform more enjoyable the company has added a lot of features in the past within its website as well as the app.

However, since Facebook has a lot of user base in India and to cater to the mass audience the social media giant recently placed a $600 million bid to secure digital distribution rights for the IPL for a term of five years.

Well, the company might have surprised us with such a move but indeed it was a bold one from the company. Interestingly, the right to stream the Indian Premier League (IPL) cricket matches was bagged by Star India and Facebook lost the bid seemingly. While it was a loss for the social media company, Star India on the other hand, now has the media rights for both TV and digital broadcast worth Rs 16,347.50 Crore. As it happened it was all done in a single consolidated bid worldwide.

Amidst such development, ReCode has reported that the fact Mark Zuckerberg was willing to put up that kind of money "is a big, bold declaration that the company will write real cheques in order to get its hands on must-see sports content."

Besides, if Facebook had won the bid then streaming IPL would be a big attraction for Indian Facebook users and even to those considering joining the social network. On the sidelines, the first three matches alone this season drew 185.7 million viewers, roughly 15 percent more than last year.

Facebook has been looking into more original content for its live video offering, including live sports.

And going back, in the month of February, Facebook was reported to have live streamed all 46 football matches of the top level Mexican football league Liga MX 2017 season. The matches also included the playoffs.

This time though, Facebook has failed to land a deal for a high-profile cricket tournament. But again the company has demonstrated its big ambitions for sports streaming. In any case, the company's attempt to win the streaming rights just shows the social network's zeal to become the ultimate destination for video content.