Facebook to Invest $ 100 Million in News Industry
Facebook Inc has made a major announcement on Wednesday, following an ongoing high-profile ‘news blackout’ dispute with the Australian government. The company has pledged to invest at least 1 billion dollars in the news industry over the next three years. This was done when the Australian government asked for payment to news outlets for news content shared on Facebook.
The news industry suffered a setback when Facebook blocked Australian news pages. After which the dispute between Facebook and the Australian Government took a new shape. In this case, Facebook stated in a blog that the blocking of news pages was the result of a “fundamental misunderstanding” of the relationship between the company and the news publishers.
The company also admitted that some non-news content was also inadvertently blocked when news content was banned. Facebook said today that the company has already invested $ 600 million in the news industry since 2018. The social media company said it is in talks with news publishers in Germany and France to pay for its news content.
What is the matter: In fact, on Thursday, Facebook banned sharing of news content (news content) on its platform in Australia. After which the dispute between Facebook and News Publishers was increased. At the same time, the Australian government also strongly condemned the move of Facebook, even the government termed the decision as an attack on a sovereign country.
Why the controversy: A bill called the Media Bargaining Code (MBC) has been passed in the lower house of Australia’s parliament. According to this bill, big companies like Facebook and Alphabet have to pay for news content. Facebook and Google protested about this. If this law comes into force then companies like Facebook and Google will have to pay huge amount to publishers to share news content on their platforms. At the same time, Facebook is also afraid that if it turns its knees in Australia, other countries can also make similar demands.
Facebook to Invest $ 100 Million in News Industry - /10