Facebook it seems is just about ready for its next evolution. CEO Mark Zuckerberg is reportedly looking into the possibility of shifting focus and finds new ways to tap the ever growing and changing market.

Reports are coming in that saying social media giant Facebook is currently developing a video-centric application in an effort to push the focus on video content, The Wall Street Journal reported. Accordingly, the new app would be used for both live video and scripted content, reportedly, Facebook is in the process of creating content.

Facebook's still unnamed app is reportedly one of the company's several project undertakings in its bid to shift from a mobile-first to a video-first entity. The shift is intended to get a bigger slice of advertisement load in videos that are more profitable than text ads.

Zuckerberg, speaking at their Q4 earnings call said they are focusing more on shorter form content to start. He sees the video as a megatrend, Tech Crunch reported.

Reportedly, Facebook will pay video makers up front and through ad revenue sharing to get their content into Facebook's News Feeds and video tab. This is on top of Facebook reportedly engaging in talks with TV studios, and currently developing a set-top TV box. However, the company will not delve on producing immediately. According to Zuckerberg, Quick, snackable clips are the primary focus of Facebook for the near future.

It would seem Facebook is looking into the YouTube model rather than acquiring long-form shows or films like Netflix does. According to Zuckerberg, the new video tab, now rolled out to everyone in the U.S., will change the video viewing behavior of users on Facebook.

In order to expand its advertising foothold, Facebook is looking at television. YouTube and Twitter's Periscope have already gone ahead by launching apps for set-top boxes. YouTube, the major player in short form online video space, is so far, the only one to have found a way to monetize what is being shown.

If Facebook were going to push through with their plan, it would certainly move markets giving YouTube a run for its money.