Update: A source with knowledge of the information says they are unlikely to produce original content, or make any announcements in regards to producing video in the near future. Facebook has also pulled out of participating in the NewFronts conference. 

Facebook Inc. may be preparing announce plans to produce its own television series, a report Tuesday indicated. The social network’s plans to go head-to-head against video content providers like Netflix Inc. and Amazon.com Inc. is “likely” during a conference next May, according to AdWeek.

Web series like “Orange is the New Black” and “House of Cards” have been major successes for Netflix, and Amazon has also made headway with its own “Transparent.” Facebook is presenting at NewFronts, the site reports, according to sources with knowledge of the information. Facebook’s plans to offer original programming are “likely” since NewFronts presentations often focus on premium video, AdWeek said.

All 22 companies that presented at last year’s conference announced new Web content. Companies like YouTube and BuzzFeed have made announcements at NewFronts events, designed to appeal to advertisers.

Facebook says it's had 1 billion video views since the introduction of its autoplay feature earlier this year, which has attracted advertisers. Forrester Research, however, has been advising advertisers to move off Facebook and onto smaller social networks where they will have more truly “social” interactions with consumers, Business Insider reported.