Facebook has been showing developments on its online video platform, Facebook Videos, over the recent weeks. New features have been added to the platform, showing that the social networking giant is serious about venturing into the expanding online video business.

The latest addition to several features is the 'Watch Later' button. The last two days may have shown videos on the newsfeed having a new icon on it. The icon, a white white overlay which looks like a banner placed vertically, is located at the right side of the video screen. 

By clicking on it, the video will appear on the 'Saved' tab, found at the left side of the newsfeed. It allows users to view the videos at a later time while they continue scrolling on their feed. The button is a smaller variation of the 'Save' button, a feature launched by the site last year.

'Save' pretty much has the same function, placing items on the tab for later consumption. But the earlier feature has a wider scope. By clicking on the 'Save' option, users can go back to links, pages, movies, and books, among others, that have appeared on their feed. The 'Save' and 'Watch Later' features then let users engage more and linger on the social networking site for a longer period of time.

Facebook has been building on its video sharing platform in the recent months. It began with the incorporation of video advertisements on the newsfeed. 'Floating' videos, which let viewers simultaneously scroll and watch, followed after.

The 'Watch Later' feature is another step that leads Facebook towards Youtube's direction, as the option has been in the video sharing giant early on. Other developments on Facebook have been noticeably close to Youtube's functions. A few days ago, Youtube CEO Susan Wojcicki has commented on the video platform's growing number of competitors.

Facebook claims to have 4 billion views daily for its videos. It is also rumoured to be negotiating with music labels to possibly close deals for music video licensing.