Facebook's $US600 million ($754 million) losing bid to buy the streaming rights to the hugely popular Indian Premier League (IPL) shows the social network is willing to spend big bucks for high-profile sporting events to keep users glued to its platform and take advertising dollars away from television.

Facebook on Monday emerged as the highest bidder for the rights to stream the IPL for the next five years, but lost out to Twenty-First Century Fox's Star India, which bid $US2.55 billion for the television and streaming rights combined.

The IPL is watched by more than a billion people worldwide, pulling huge crowds in India where cricket is the most popular sport. The tournament began in 2008 with franchise owners including movie stars and India's richest man.

The bid by Facebook highlights the company's efforts to accelerate its push into video as it tries to boost its ad revenue and increase the time people spend on its platform. Facebook currently offers live video from a number of news publishers as well as its users.