The video is a parody ad for various Hallmark movies supposedly airing during the holiday season, such as Yes, Santa, Kitchen Christmas Wish, and Prince Santa.
In Yes, Santa, Kate McKinnon plays a woman who is in love with James Franco's character, but has a fiance back home in the big city. The twist: Franco is really a young Santa.
McKinnon's character, played by the fake actress "Jessica Normal," gets a call from her significant other but throws the phone away, saying, "He works too much… so it's OK if I cheat on him."
The next spoof is about a female baker who gets stuck inside a snow globe and it's up to her "black co-worker with no backstory" to help her. They also reveal that his catchphrase is, "Now what in the world?!…"
Finally, the last spoof is about a woman who is a world class figure skater, but hits her head and "accidentally becomes a princess" after getting amnesia. The hilarious twist here is that Franco is back again as "Canadian-handsome Chris Bearstick" who plays the prince falling for her.
Saturday Night Live is on hiatus until after the new year, but you can still see clips like the one above online anytime.