NEW YORK: In a soon-to-be serious competition to video sharing website YouTube, the social networking website Facebook has announced that it recently hit 100 million hours of daily video watch-time in a day.

According to the technology website techcrunch.com, the user base of Facebook is rising exponentially.

It has 1.04 billion daily active users (DAUs) while mobile DAUs were 934 million on average for December 2015.

"Monthly active users (MAUs) were 1.59 billion, an increase of 14 percent year-over-year and mobile MAUs were 1.44 billion, an increase of 21 percent year-over-year," the company said in a statement.

Over 80 million people use Facebook Lite for slow connections, up from 50 million. Nearly 500 million users are on Events, up from 450 million in July last year.

The social networking giant has 2.5 million advertisers and 50 million small businesses on Pages -- up from 45 million last quarter.

"It is becoming a serious competitor to YouTube for video viewing, it's building ways to attract users in the developing world and it's giving every more ways to share than just the News Feed," the report added.

Read More: 10 Star Wars Sci-fi Tech Inventions which are Twirling form Science Fictions to Facts

9 Drastic Changes Social Media has Brought in Our Lives