Facebook Cancels US News Agreements

As a result of the economic slump and changing user behaviour, Meta Platforms has announced that it would no longer pay US news organisations to have their content displayed on Facebook’s News Tab.

According to the corporation, most users “do not come to Facebook for news,” and it “doesn’t make sense as a business to overinvest in areas that don’t line with user preferences.”

The collaborations were launched in 2019 by Meta, which was then known as Facebook. The “News” part “The Wall Street Journal, The Washington Post, BuzzFeed News, Business Insider, NBC, USA Today, and the Los Angeles Times, among others, have sections on the Facebook mobile app that just display headlines.

The corporation did not specify how much it paid the news organisations, but reports indicate that it was in the millions of dollars for major publications such as The Wall Street Journal.

The Associated Press did not take part in the campaign.

At the time of the program’s inception, CEO Mark Zuckerberg told the Associated Press that he saw “a chance to establish new long-term, secure revenue relationships with publishers.”

However, Meta, located in Menlo Park, California, stated in a Thursday statement that “a lot has changed since we inked arrangements three years ago to explore adding additional news links to Facebook News in the US.”

Meta Platforms reported its first revenue decrease in its history on Wednesday and forecasted negative results for the current quarter as well.

Meta does not pay for news articles published by publications on its platform. According to the firm, the News Tab partnerships were for “incremental content, such as ensuring that we had access to more of their article links and that we were including a range of topic areas at launch.”

The firm stated that Facebook News will continue in the other countries where it is now available and that the change in the US will not affect the agreements in other countries — the United Kingdom, France, Germany, and Australia.

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