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Facebook launches video service to compete with YouTube for ad revenue

CALIFORNIA: Facebook Inc launched its Watch video service to U.S. users on Thursday with plans to allow people to submit shows, as the No. 1 social media network vies with Alphabet Inc’s YouTube for advertising revenue. Advertisers are shifting more of their budgets from television to online as viewers have migrated to watching shows on smartphones and tablets. On Watch, which Facebook began testing earlier this month, users can see hundreds of shows from the likes of Vox, Buzzfeed, Discovery Communications Inc,…