Facebook videos are being viewed by more than 500 million users on a daily basis. The figures have doubled since April this year.

"The company's platform is notching 8 billion video views daily", said Mark Zuckerberg, Facebook CEO. "By continuing to innovate here, we have a chance to build the best place to watch and share video."

Moving images have taken centre-stage. Public figures such as Serena Williams, Luke Bryan and Martha Stewart will be broadcasting live on the social networking platform, a Facebook post dated 5 August had said.

In addition, creators can upload 360-degree videos on Facebook.

In a manner eerily similar to YouTube, the company said it was testing a dedicated place on Facebook to watch videos.

Critics, however, have questioned Facebook's methods. "YouTube creator Hank Green has questioned the company's standard for counting video views — every video seen for three seconds or more," Wired reported.

Nevertheless, Facebook's video numbers continue to grow. Even if the company has to end up paying, they intend to get the best videos to their platform.

On the other hand, a billion people — one in every seven persons on earth — check Facebook every single day, said the company in its Q3 earning report.

The mobile app is a major reason for the rise in the company's revenues.

"Nearly 1.4 billion users check into Facebook through the mobile app everyday", said David Wehner, the company's Chief Financial Officer.

During the last quarter, mobile advertising accounted for more than three-quarters of Facebook's advertising revenue, Wehner was quoted as saying by Wired.

People are also switching to other apps. WhatsApp has 900 million users, Messenger has 700 million users and Instagram already has 400 million registered users, Wired reported.

"The amount people want to create and share is boundless," said Zuckerberg.