Last updated on December 8th, 2022 at 02:50 pm
Facebook pledges to invest $ 1 billion in the news industry
Over the past week, the world’s attention has been riveted to the actions of Facebook, which banned Australian users of the social network from sharing news materials. This is due to Australia’s new media code, which requires social media to pay local publications and media to publish their content. Now that the conflict has been settled, Facebook has announced its intention to invest $ 1 billion in the news industry.
The company blog posted a post today. Facebook announced that it has invested $ 600 million in support of the news industry since 2018 and plans to invest another $ 1 billion over the next three years. Nick Klegg, vice president of global communications for Facebook, said the company is fully committed to partnering with news publishers. He added that Facebook fully recognizes that quality journalism is at the core of open societies.
Last month, the social network announced a partnership with several UK publications, including The Guardian, Telegraph Media Group, Financial Times, Daily Mail Group, and Sky News. The deal will result in the publication of materials from these publications in a special section of the Facebook application. It is reported that the social network has entered into similar deals with US publications and is now in talks with German and French news resources.
It’s worth noting that Google also recently announced that it plans to invest $ 1 billion in the news industry over the next three years. Last October, the company announced that it plans to pay publishers to create content for a new service called Google News Showcase, which will first launch in Brazil and Germany and later expand to other regions. Google said it wants to help journalism in the 21st century in this way.
