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

  • Elusiv launches private token swap tool on Solana blockchain

    TL;DR Breakdown Elusiv has launched a private token swap tool on Solana, enabling secure and anonymous trading. Unlike traditional crypto mixers, Elusiv uses cryptographic schemes for privacy, avoiding mixing user funds. Description Elusiv, a privacy protocol, has introduced a private token swap tool on Solana, marking a significant advancement in the field of decentralized asset trading. The tool, available through the Elusiv web app, enables users to trade their assets without revealing personal information about themselves, thereby enhancing privacy and security in the crypto space. This tool’s … Read more Elusiv, a privacy protocol, has introduced a private token swap tool on Solana, marking a significant advancement in the field of decentralized asset trading. The tool, available through the Elusiv web app, enables users to trade their assets without revealing personal information about themselves, thereby enhancing privacy and security in the crypto space. This tool’s fundamental infrastructure has been in development for more than a year and now permits transfers to a range of cryptocurrency wallets, including Solana (SOL), USD Coin (USDC), Tether (USDT), Bonk (BONK), and Samoyedcoin (SAMO). The…

    Article 2023年8月23日
  • European report calls for tighter oversight of global crypto market

    TL;DR Breakdown The report underscores the significance of the MiCA Act and its implications on the EU’s financial system. The report points out that the EU’s financial stability and autonomy remain exposed to potential risks originating from policy actions taken by non-EU countries. Divergent regulations could also hinder the mainstream adoption of stablecoins, which have gained significant traction in recent years. Description In a recent report issued by the European Parliamentary Research Service (EPRS), concerns were raised over the need for stricter oversight from non-European Union (EU) regulators to ensure greater stability and development in the global cryptocurrency market. The report comes as the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward implementation by December 2024, prompting … Read more In a recent report issued by the European Parliamentary Research Service (EPRS), concerns were raised over the need for stricter oversight from non-European Union (EU) regulators to ensure greater stability and development in the global cryptocurrency market. The report comes as the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward implementation by December 2024, prompting calls for a more robust…

    Article 2023年9月23日
  • Hong Kong aims to outshine Tether and USD Coin with its own stablecoin

    TL;DR Breakdown Hong Kong plans to launch its state-backed stablecoin to rival established cryptocurrencies like Tether and USD Coin. The proposed stablecoin could expand financial inclusion, lower costs, and enhance transaction efficiency through blockchain technology. Hong Kong sees the stablecoin initiative as a crucial step toward becoming a premier global financial centre and attracting businesses, investors, and talent. Description To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to … Read more To solidify its position as a global financial hub, Hong Kong is making waves in the cryptocurrency industry with plans to launch its state-backed stablecoin. This move comes as the region’s interest in digital currencies and Web3 technology continues to grow. By creating a stablecoin linked to the Hong Kong dollar, the government aims to rival existing stablecoins such as Tether (USDT) and…

    Article 2023年7月6日
  • Tether pumps $1 billion in USDT into TRON’s veins

    TL;DR Breakdown Tether authorizes a significant $1 billion in USDT for the TRON network to boost liquidity. This move is an authorization, not an actual issuance, aimed to serve as inventory for future requests from TRON. The “authorized but not issued” mechanism is Tether’s strategy to maintain 100% reserves and limit security risks. Description When you think of the digital currency giants, Tether unmistakably dominates the conversation, especially with its recent decision to pump up the TRON network with a massive dose of USDT. In the highly volatile world of cryptocurrency, this kind of move isn’t just a nod to TRON’s relevance but also a strategic maneuver that underlines … Read more When you think of the digital currency giants, Tether unmistakably dominates the conversation, especially with its recent decision to pump up the TRON network with a massive dose of USDT. In the highly volatile world of cryptocurrency, this kind of move isn’t just a nod to TRON’s relevance but also a strategic maneuver that underlines Tether’s supreme confidence in its own operations. Behind the Billion-Dollar Power Move The…

    Article 2023年9月20日
  • Binance strengthens position in Brazil as Latam Gateway earns Central Bank approval

    TL;DR Breakdown Latam Gateway, Binance’s payment partner in Brazil, has received a license from the country’s Central Bank to operate as a payment institution and electronic money issuer. Binance and Coinbase are expanding their services in Brazil with initiatives like prepaid crypto cards and partnerships with local payment providers. Binance faces regulatory scrutiny in Brazil for allegedly helping clients evade a ban on cryptocurrency derivatives investments. On May 19, an important announcement echoed through Brazil’s financial sector as the Central Bank approved for Latam Gateway to operate as a payment institution and electronic currency issuer. With Brazil featuring prominently as one of Binance‘s principal global markets, this license secures a significant step forward in integrating cryptocurrencies into the nation’s fiscal landscape. Latam Gateway’s primary function, bolstering the operations of foreign enterprises within Brazil, positions Binance as its solitary crypto client, reinforcing its stand in this bustling market of over 214 million residents. This collaborative alliance between Binance and Latam Gateway, dating back to June 2022, came into being post the cessation of Binance’s partnership with Capitual. Operating as a bridge…

    Article 2023年5月21日
TOP