After Meta’s profits fell for the first time in its history, the company allegedly told publishers it would no longer pay for content to be displayed on Facebook’s news tab, according to Axios. and as a company, it makes no sense to invest too much in spaces that don’t fit users’ preferences,” a spokesperson said in a statement.
Facebook spent about $105 million on such transactions, paying $20 million to the New York Times, $10 million to the Wall Street Journal and $3 million to CNN, according to Axios. Facebook closed the deals in 2019 when it increased its news investment and even hired hounds to drive traffic to the news tab.
Facebook also promised to pay spouse sites like The Guardian and The Economist for news in the UK when it introduced the News tab there in late 2020. Soon after, he signed a deal with Rupert Murdoch’s News Corp to pay for content in Australia. after the Australian Parliament passed a law requiring Facebook and Google to do so.
Along with Google, Facebook has been criticized for embezzling advertising dollars from compromised news sites. This has contributed to the failure of a quarter of U. S. news sites. The U. S. has been in the U. S. over the past 15 years, according to Poynter, with the void in professional journalism filled with information misleading data on Facebook.