Facebook (NASDAQ: FB) quietly released a new video feature this week, enabling users to select a 'Watch Later' option to video content when scrolling through their newsfeed. According to TechCrunch, Facebook videos receive approximately 4 billion views per year, however, the social media giant is attempting to compete with video giant YouTube (NASDAQ: GOOG) and in turn, adding more features. When a user selects "watch later," the specific video is saved for them to view at a later time. Up until now, Facebook had a 'save' option for video content, however, brought users through a multi-click menu in order to bookmark the specific video. According to TechCrunch, the "watch later" feature has the ability to do two things for Facebook: allow for the collection of video viewing data and help video advertisements reach users more easily. For more business and financial news, click here.