Nicola Mendelsohn said that an all-video newsfeed may be the future of Facebook.

Speaking at a Fortune conference in London, Facebook's vice president for EMEA Nicola Mendelsohn said that she believes the social media platform will be all video within five years.

Video views on Facebook have risen by 1 billion, to 8 billion, in the last year alone.

On average, 100 million hours of video are watched on Facebook via mobile devices daily, according to Fortune.

Facebook itself has also recently revealed that Facebook Live has been a "bigger, faster phenomenon" than originally anticipated.

Mendelsohn said: “I just think if we look already, we’re seeing a year-on-year decline on text. We’re seeing a massive increase, as I’ve said, on both pictures and video. If I was having a bet, I would say: video, video, video."

Despite this forecast, video production is a costly business.

According to a report by The Information, Mashable spent between $4M and $5M per month while launching it's video offering in 2015.