ANL 10.39 Decreased By ▼ -0.21 (-1.98%)
ASC 9.11 Decreased By ▼ -0.21 (-2.25%)
ASL 11.30 Decreased By ▼ -0.60 (-5.04%)
AVN 79.00 Decreased By ▼ -1.66 (-2.06%)
BOP 5.53 Decreased By ▼ -0.02 (-0.36%)
CNERGY 5.36 Decreased By ▼ -0.14 (-2.55%)
FFL 6.61 Decreased By ▼ -0.14 (-2.07%)
FNEL 5.95 Decreased By ▼ -0.10 (-1.65%)
GGGL 11.10 Decreased By ▼ -0.33 (-2.89%)
GGL 16.50 Decreased By ▼ -0.38 (-2.25%)
GTECH 8.50 Decreased By ▼ -0.31 (-3.52%)
HUMNL 7.16 Decreased By ▼ -0.11 (-1.51%)
KEL 3.08 Decreased By ▼ -0.04 (-1.28%)
KOSM 3.05 Decreased By ▼ -0.10 (-3.17%)
MLCF 26.60 Decreased By ▼ -0.30 (-1.12%)
PACE 3.03 Decreased By ▼ -0.07 (-2.26%)
PIBTL 6.04 Decreased By ▼ -0.06 (-0.98%)
PRL 18.11 Decreased By ▼ -0.39 (-2.11%)
PTC 7.02 Decreased By ▼ -0.09 (-1.27%)
SILK 1.17 Decreased By ▼ -0.02 (-1.68%)
SNGP 33.55 Decreased By ▼ -0.50 (-1.47%)
TELE 11.10 Decreased By ▼ -0.30 (-2.63%)
TPL 9.15 Decreased By ▼ -0.39 (-4.09%)
TPLP 20.53 Decreased By ▼ -0.18 (-0.87%)
TREET 29.73 Decreased By ▼ -0.47 (-1.56%)
TRG 77.40 Decreased By ▼ -0.90 (-1.15%)
UNITY 20.24 Decreased By ▼ -0.31 (-1.51%)
WAVES 12.80 Decreased By ▼ -0.05 (-0.39%)
WTL 1.40 Decreased By ▼ -0.05 (-3.45%)
YOUW 4.78 Decreased By ▼ -0.16 (-3.24%)
BR100 4,112 Decreased By -48 (-1.15%)
BR30 15,168 Decreased By -219.4 (-1.43%)
KSE100 41,766 Decreased By -113 (-0.27%)
KSE30 15,934 Decreased By -75 (-0.47%)
Technology

Facebook to invest $1 billion in news industry after Australia row

  • Facebook on Tuesday restored Australian news pages, ending an unprecedented week-long blackout.
25 Feb, 2021

Facebook Inc on Wednesday pledged to invest at least $1 billion in the news industry over the next three years, days after a high-profile stand-off with the Australian government over paying news outlets for content.

The social network’s commitment to the news industry follows Google’s $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.

The brief blackout shocked the global news industry, which has already seen its business model upended by the tech giants.

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.

It also acknowledged that some non-news content got inadvertently blocked when it banned all news content. Facebook said on Wednesday it has already invested $600 million in the news industry since 2018. The social media company added it was in active negotiations with news publishers in Germany and France for a deal to pay for content for its news product, where users can find headlines and stories next to a personalized news feed.

Comments

Comments are closed.