Facebook to invest $1 billion in news industry after Australia row | World News - Hindustan Times
close_game
close_game

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

Reuters |
Feb 24, 2021 08:13 PM IST

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 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 Google and Facebook logos, the words "media, news, media" and the Australian flag are displayed in this illustration.(Reuters)
The Google and Facebook logos, the words "media, news, media" and the Australian flag are displayed in this illustration.(Reuters)

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.

Hindustan Times - your fastest source for breaking news! Read now.

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.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! - Login Now! Get Latest World News along with Latest News from India at Hindustan Times.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, February 23, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On