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Facebook videos are Watch A Sexy Wedding Planner Onlinealready so abundant on your news feed, and executives have said that your feed could become all video within the next five years.

Despite the abundance, Facebook has struggled to accurately report the reach and success of these videos to advertisers and publishers. Back in September, a Wall Street Journal report revealed an error that inflated average viewing time by more than 80 percent.

On Wednesday, after an apparent two-month audit of its platform that involved a review of more than 220 metrics, Facebook admitted to several more errors in its calculations, which it summarized in a lengthy blog post.

The errors

One glaring "bug," as Facebook dubbed it, miscalculated the daily reach of a Facebook Page by neglecting to take out duplicate, or repeat, visitors. The corrected metric may lower a 28-day metric by 55 percent. Facebook highlighted the error in the red circle below. Green circles mark the correct data on reach.

What Facebook repeatedly said following their first error and continued to emphasize in their blog post is none of these metrics affect an advertisers' billing on Facebook. However, that doesn't negate the importance of understanding metrics.

Another error miscounts video completions by neglecting to incorporate how a video loads on someone's device. It previously undercounted the metric, and therefore numbers could increase by 35 percent, Facebook estimated.

A third error was found in Instant Articles, the fast-loading articles which requires publishers to directly upload their content to the network. Facebook overestimated average time spent reading those articles. While the formula is rather simple -- total time spent divided by total views -- Facebook was for some reason calculating across a histogram of time spent.

What's next

Perfection perhaps is not achievable, but the company said it is committed to transparency. "There will be an ongoing review," Facebook vice president of global marketing solutions Carolyn Everson told the Financial Revenue. "I don't think we'll ever be perfect, but we will strive to be as accurate as possible and transparent."

To improve, Facebook says it will continue to publish blog posts on updates to its metrics and other background on product changes.

Facebook is also changing how it names some of its metrics. For instance, while publishers may know that a video view on Facebook is equivalent to 3 seconds, the company has renamed the metric from "video views" to "3-second video views."

Facebook will also further embrace third-party verification. It already works with comScore, Nielsen, Integral Ad Science and Moat. That's important because partners can validate Facebook's numbers, provide additional metrics and also identify errors. For example, Moat had reported the error in measuring video completions.

The company said it will form a Measurement Council, a handful of executives to monitor and provide guidance not unlike the Client Council that Facebook organized in 2012 to advise on its advertising.