Tensions rise as Meta distances itself from news publishers

TL;DR Breakdown

  • Meta is reducing its engagement with news publishers, focusing less on current affairs on its platforms.
  • The company launched a text-based app, Threads, that prioritizes non-news content.
  • Meta is in conflict with Canada’s government over legislation requiring platforms to pay for publishers’ content.

Description

Tensions are escalating as Meta, the parent company of Facebook, Whatsapp, Threads, and Instagram grows increasingly distant from news publishers, sparking widespread concern. This move comes amidst a shift in strategy where the technology titan has been giving less attention to politics and current affairs on its platforms, while simultaneously shrugging off governmental calls for … Read more

Tensions are escalating as Meta, the parent company of Facebook, Whatsapp, Threads, and Instagram grows increasingly distant from news publishers, sparking widespread concern.

This move comes amidst a shift in strategy where the technology titan has been giving less attention to politics and current affairs on its platforms, while simultaneously shrugging off governmental calls for increased payments to media outlets.

Meta’s growing reluctance: A strategic move

In a pivotal turn, Meta has distanced itself from the traditional news sector, despite years of appeasing key publishers through the funding of non-profit journalism initiatives and forging partnerships with entities like Rupert Murdoch’s News Corp.

This alteration in stance manifests in Meta’s latest product release – Threads, a text-based application designed to rival Twitter. In less than a week, Threads managed to draw in an astounding 100 million users, thanks to its integration with the globally popular Instagram platform.

Much like Instagram, Threads prioritizes content from creators and friends over hard news or political stories. Adam Mosseri, the head of Instagram, has firmly declared the platform’s intent to avoid promoting news content.

In a controversial move, Meta has decided to exclude news from its feed in Canada, as new legislation demanding platforms pay for content from publishers and broadcasters comes into effect.

This law was formulated to uplift smaller news organizations with limited bargaining power. However, the law has been met with resistance not just from Meta, but also Google, which threatens to impose a news blackout in Canada.

The corporate tussle has elicited backlash from a host of advertisers in Canada, some of which are threatening to withdraw their advertisements. The implications for Meta are significant, given that Canada contributed approximately $3 billion to the company’s $117 billion annual revenues in 2022.

A history of friction

Historically, Meta has made attempts to ally with publishers through various initiatives, such as deals for content to be featured on Facebook’s News Tab product.

However, the senior leadership at Meta has concluded that the company’s interests conflict with those of the news industry. This stems from the notion that the growth of the company’s digital advertising business is perceived as a contributing factor to the global revenue decline experienced by newspaper groups.

Additionally, Meta’s internal research has revealed that users gravitate more towards short-form videos and content from influencers rather than news and political content. Consequently, the tech giant has reduced the presence of political content in users’ feeds since 2021.

Despite its ongoing withdrawal from the news industry, the ramifications of Meta’s actions are far-reaching.

With allegations that the company’s inadequate moderation of its applications fueled discord surrounding the election of former US president Donald Trump, as well as the 2021 Capitol building riots, the technology behemoth is treading on thin ice.

As a result, industry insiders argue that Meta will eventually suffer from the escalating rift with news publishers. The absence of reliable news sharing could potentially isolate the firm from real-world happenings, leading to the question of whether its strategy will prove sustainable in the long term.

As the tension unfolds between Meta and news publishers, the future of news content on social media platforms remains uncertain.

However, one thing is clear: the technology titan’s standoff with news organizations and governments alike is set to redefine the relationship between social media and the world of journalism.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Tensions rise as Meta distances itself from news publishers

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月20日 20:08
Next 2023年7月20日 21:57

Related articles

  • China boosts investor confidence with these key moves

    Description In the face of looming economic uncertainties, China is kicking up its game, making a determined play to boost investor confidence within its colossal securities markets. By strategically reinforcing its currency and initiating crucial reforms, the nation seeks to weather economic challenges and restore belief in the strength and sustainability of its financial sectors. Defensive … Read more In the face of looming economic uncertainties, China is kicking up its game, making a determined play to boost investor confidence within its colossal securities markets. By strategically reinforcing its currency and initiating crucial reforms, the nation seeks to weather economic challenges and restore belief in the strength and sustainability of its financial sectors. Defensive Play against Economic Hurdles Recent economic indicators out of China paint a less-than-rosy picture. Weakened exports, plummeting consumer confidence, and distress signals from the property sector have ruffled investor feathers. The echoing sounds of missed payments, most notably by heavyweights like Country Garden, one of China’s primary homebuilders, and the stumbling Zhongzhi conglomerate, has only amplified apprehensions. The property sector, contributing to over a quarter of…

    Article 2023年8月20日
  • SEC Seeks Expedited Appeal in Ripple’s XRP Case

    TL;DR Breakdown The SEC has formally requested an expedited appeal, targeting a specific part of Judge Torres’ decision on Ripple’s XRP, focusing on “Programmatic and Other Sales.” The outcome of this legal skirmish holds significant implications for the broader cryptocurrency industry, potentially influencing regulatory approaches to digital assets in the future. Description The US Securities and Exchange Commission (SEC) has taken a significant step in the ongoing legal battle with Ripple Labs over the classification of its XRP token. In a recent move, the SEC has formally requested an expedited appeal, challenging a specific segment of Judge Analisa Torres’ ruling. This development has not only intensified the … Read more The US Securities and Exchange Commission (SEC) has taken a significant step in the ongoing legal battle with Ripple Labs over the classification of its XRP token. In a recent move, the SEC has formally requested an expedited appeal, challenging a specific segment of Judge Analisa Torres’ ruling. This development has not only intensified the legal proceedings but also promises to provide pivotal insights into the future of cryptocurrency regulation….

    Article 2023年8月20日
  • What the Fed announcement could mean for the crypto market

    TL;DR Breakdown As it always has been, the FED report set for release today stands to affect crypto prices and trading volumes. Crypto market analysts state that with better rates, the bull market is imminent. What is the effect of global inflation on the digital asset industry? How long will the bear market last? Description The Federal Open Markets Committee, popularly known as the Fed, has yet to announce its next policy rate on 20 September 2023. The Fed is expected to hold the interest rate steady as it evaluates the impact of previous interest hikes on the United States economy. The committee is also expected to release new economic … Read more The Federal Open Markets Committee, popularly known as the Fed, has yet to announce its next policy rate on 20 September 2023. The Fed is expected to hold the interest rate steady as it evaluates the impact of previous interest hikes on the United States economy. The committee is also expected to release new economic policies to boost the economy and lower unemployment. There seems to be…

    Article 2023年9月21日
  • $3.1M NFT scandal unearthed by a Blockchain investigator

    TL;DR Breakdown Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. The Boneheads team is facing charges of breaching contracts with investors by failing to deliver on their outlined roadmap, misappropriating funds, engaging in fraudulent and negligent misrepresentation, and various other accusations. The court filing specifically mentions ZachXBT’s investigation into the Boneheads project, which was shared on Twitter in July 2022 along with subsequent posts in the following month. Description Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT took to Twitter on July 7 to shed light on the lawsuit, reaffirming allegations that the Boneheads team swiftly vanished after spending the minted … Read more Blockchain investigator ZachXBT’s research has played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an NFT project accused of orchestrating a rug pull worth $3.1 million. ZachXBT…

    Article 2023年7月9日
  • Social Media sentiment holds the key to Crypto profits – study

    TL;DR Breakdown The study found that sentiment expressed on social media platforms was a strong predictor of crypto returns, whereas sentiment derived from news media did not have the same impact. Despite being considered a highly volatile asset, the researchers found that market exuberance positively influenced momentum without significantly affecting volatility. The paper posits that sentiment impacts crypto returns primarily through price perception and demand shocks, rather than through the traditional risk premium channel. Description A recent study conducted by researchers at Pennsylvania State University delved into the relationship between social media, attitudes, emotions, and the cryptocurrency market. The findings of their analysis may challenge conventional wisdom regarding similar trends in other financial markets. The research paper highlighted the significant role that social media platforms play in cryptocurrency adoption and … Read more A recent study conducted by researchers at Pennsylvania State University delved into the relationship between social media, attitudes, emotions, and the cryptocurrency market. The findings of their analysis may challenge conventional wisdom regarding similar trends in other financial markets. The research paper highlighted the significant role that…

    Article 2023年7月11日
TOP