Facebook – Mark Zukerberg pledges to invest 1 billion dollars in news industry
Days after a high-profile stand-off with the Australian government over paying news outlets for content, Facebook on Wednesday announced an investment of at least USD 1 billion in the news industry over the next three years.
The social network’s commitment to the news industry follows Google’s USD 1 billion investment last year, as technology giants come under scrutiny over their business model as well as the proliferation of misinformation on their platform.
Facebook on Tuesday restored Australian news pages, ending an unprecedented week-long blackout after wringing concessions from the government over a proposed law that will require tech giants to pay traditional media companies for their content.
In a blog detailing its version of the showdown, Facebook said the news ban was related to a “fundamental misunderstanding” of the relationship between the company and news publishers.
“We’ve invested $600 million since 2018 to support the news industry, and plan at least $1 billion more over the next three years,” Nick Clegg, vice president of global affairs at Facebook.
Last month, Facebook announced deals with a number of publishers in the U.K., including The Guardian, Telegraph Media Group, Financial Times, Daily Mail Group and Sky News.
As a result, the publishers will see their content featured in Facebook News, which is a dedicated section within the Facebook app that features curated and personalized news from hundreds of national, local and lifestyle publications.