Twitter said on Wednesday it struck a host of new deals with media and entertainment companies to bring "hundreds of hours" of live-streaming and video highlights onto the social media site.

The partnerships would expand the kinds of videos that are available on Twitter to audiences and advertisers in the Asia Pacific region, the company said in a statement. That includes game highlights from the UEFA Champions League, action and interviews from Formula One and live Red Carpet events and other programming.

Some of the partners announced include Sony Music, Indian film star Shah Rukh Khan's production house, Red Chillies Entertainment, CNBC parent company NBCUniversal, FOX Sports Asia and VICE.

"We work with each of our partners to structure the deal where they'll produce the content and then we put advertising around it, and then we work out a (revenue) share," Kay Madati, global vice president of content partnerships at Twitter, told CNBC's "The Rundown."

Madati emphasized that Twitter is not trying to be a competitor to linear broadcasters and other content creators. Instead, he said the goal is to help those companies reach Twitter's audiences.

Video consumption has seen explosive growth in recent years. This year, nearly 2.38 billion people are set to watch streaming or downloaded digital video content using any device at least once a month, research firm eMarketer said in a February report.

Twitter is seeing an "enormous" amount of video consumption and double-digit audience growth in Asia Pacific, according to Madati.