Meta ended with Facebook news publishers pushing

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Many news publishers will come out with millions of dollars as Meta says Now, in a very subdued way, there is no place for dedicated news systems in ever more Algorithm based social platforms.

Axios According to anonymous sources inside Facebook, the company is officially retracting its contracts with major news publishers. The news was later confirmed explicitly by a spokesperson for Meta, the parent company of Facebook.

“A lot has changed since we signed deals three years ago to test bringing additional news links to Facebook News in the US,” the spokesperson said in an emailed statement to Gizmodo. “Most people don’t come to Facebook for news, and as a business, it doesn’t make sense to overinvest in areas that don’t align with user preferences.”

Facebook was It was paid to news organizations Such as The New York Times, The Washington Post, and The Wall Street Journal for its content included in the Facebook News tab. The deals totaled more than $100 million, with the Times paid more than $20 million, compared to $15 million for the newspaper and $10 for the magazine, according to Previous Reports. Axios also reported, based on unnamed internal sources, that Facebook was paying outlets $90 million for news videos.

The deals were for three years with news publishers Signed for the first time in 2019And now all that money You will go “poof” because these contracts go the way of the dodo. Contracts were entered into for the first time From grumbling from some advocates and lawmakers that Facebook –Among other technology companies—You have to pay for news content hosted on their site.

But followers saw this step coming. Meta executives absolutely hate the idea that they have to pay for posts that link between sites. Unnamed sources from Facebook previously told Journal reporters that they would allow these contracts to be dissolved It refocused its business model towards the ambiguous idea ofmetaverses.” Not to mention that– Make changes who – which make both Facebook And the Instagram looks very TikTok-ish. This means that CEO Mark Zuckerberg and his colleagues do not have a dire need for the primary content of news publishers because the new model focuses on algorithm-based feeds on viewing posts from those users.

Facebook was previously slapped under the laws set by Australia in 2021 Forcing the company to pay for news content. During that time when the company was fighting this law, Nick Clegg, the company’s head of global affairs, He said “Less than 1 in 25 posts in your News Feed will contain a link to a news story, and many users say they would like to see less news and political content.” Facebook will eventually release a file $15 million news fund.

Meta may need to save money anyway. Her most recent quarterly report showed that she suffered from The first drop in revenue ever in the company’s history.

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