It is under the WATCH tab on your Facebook app.
They already partnered up with Conde Nast and Hearst magazines to launch shows and videos to increase engagement on the site by become a home for social video.
So far shows such as Virtually Dating, Kitchen Little are on the Facebook Watch.
With 2 billion users on Facebook they want people to stay with in Facebook instead of going outside of the app.
Plus the perks, for those who upload they pay 55% of the proceeds from ad breaks in the videos to the publisher/creator. YouTube currently pays about $1 per 1,000 views.