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Facebook pays 1 billion dollars for the news industry

Explained a company Facebook it Plans To invest an additional $ 1 billion in the news industry over the next three years as proof of commitment to journalism.

This followed the unprecedented confrontation that the company had with the Australian government, which included a brief disruption of the ability to read and share news of Australian Facebook users and publishers.

The company said: Facebook wants to partner with news publishers, and we understand that high-quality journalism is at the core of how open societies work, which is why we have invested $ 600 million since 2018 to support the news industry, and are planning at least an additional $ 1 billion over the next three years.

The commitment matches the commitment made by Google in October of last year, when the search giant announced that it was starting to pay publishers to create specialized versions of stories and other forms of news content for the Google News Showcase platform.

Notable in this scenario, however, is the way Google and Facebook have interacted with Australia’s bargaining legislation, which has elicited deep reactions.

And theThe law forces the two companies to come to the negotiating table with news organizations To find deals to pay for news content to share on both Facebook and Google.

The company feels that the bargaining law as designed before the latest settlement was unfair, mainly because it places more power in the hands of media conglomerates to obtain ever higher payments through the compulsory negotiation process.

The company said: Hanaa is a fundamental misunderstanding of the relationship between Facebook and news publishers from our point of view, and we were forced To pay unlimited amounts of potential money to multinational media conglomerates under an arbitration system that intentionally misrepresents the relationship between publishers and Facebook, without ensuring that it is used to pay for journalism, let alone support smaller publishers.

Facebook is now free to negotiate deals with news publishers for its Facebook News platform without fear of forced arbitration.

The company says it plans to do so in Australia as it is currently doing in the UK, US and other markets.

Facebook also reserves the right to restrict news content to Australian publishers and users as it did last week, but the company has indicated that it does not intend to do so if future negotiations remain in good faith.

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