Facebook Inc. (FB) to Stream Live TV Reality Show Episodes

Facebook Inc. (NASDAQ:FB) is about to become an online TV network. Would FBTV fly? It might be too early to tell, but apparently Facebook is getting involved in streaming live episodes of a new reality show that is set to debut Friday.

Facebook Inc. (NASDAQ:FB) is slated to be the online platform for a project developed by social entertainment producer  Milyoni and the Ovation Network – a cable-television network that serves 51 million homes in the U.S. – to air all seven episodes of “A Chance to Dance,” a new reality show that follows a couple of prominent British choreographers, Michael Nunn and William Trevitt, as they build an American dance company – including auditions, selections and training – in 28 days.   The program will stream on Facebook simultaneously with the program airing on television, while Facebook users would have access to chat with each other about the program, watch exclusive behind-the-scenes interviews and other related content.

Nigel and Simon Lythgoe, co-creators of the highly successful “American Idol” franchise and co-producers of “So You Think You Can Dance” have signed on to this project with Milyoni to work with Ovation and post the episodes on Facebook Inc. (NASDAQ:FB). The series will also be available on-demand and on TV Everywhere.

“‘A Chance to Dance’ shows the passion, creativity, blood, sweat and tears that go into creating a new American dance company,” said Nigel Lythgoe. “I’m thrilled that Ovation and Milyoni are innovating by giving all passionate fans of dance on Facebook a chance to experience our show, where ever they live in the U.S.”

The producers will be looking to monetize the series on the Facebook Inc. (NASDAQ:FB) Ovation TV page by offering a subscription service where viewers can watch each episode for $1.99 or the whole seven-episode season for $11.99 through Milyoni Social Cinema software. Milyoni has an established relationship with Facebook Inc. (NASDAQ:FB), having put on the first Facebook pay-per-view movie (“Abduction”), the first socially interactive movie (“The Big Lebowski”), the first day-and-date release ( The Australian “Tomorrow, When the War Began”) and the first 3D movie (“Piranha 3D”).