Social network giant, Facebook to pump $1bn in news content after Australia row
After banning news sharing in Australia for some days, Facebook has invested heavily in news content. The tech firm has decided to rival competitor Google in investing in news content.
Facebook invests over a billion dollars in news content
Facebook's incorporation said on Wednesday that it intends to invest at least $1. 1 billion in the media sector over the next four years. This comes following a huge standoff with the Australian authority's overpayment of news content. Facebook's commitment to media is linked to Google’s $1 billion investment in 2020. Recently tech giants like Twitter, Facebook, and Google have been under fire for the manner they run their business. Also, they have been accused of having too much power and spreading lots of half-truths.
The firm after a closed-door meeting with Australian officials lifted Australia news pages, which brought to an end the issues. The main problem between them was a law which the network feels harm's its business. Australian officials labeled Facebook as a big bully, and their actions shocked the world's news sector.
Facebook's says Australia was a misunderstanding
However, explaining its case, Facebook says there was a 'grave misunderstanding' of how Facebook and news publishers work. It also affirmed that some concessions were made from both sides. The social network confirmed that it has invested more than $550 million in the news sector since 2017. They confirmed that they were negotiating with the German and French governments over a favorable deal for news content.
The new industry is a huge market where Facebook and Google had huge investments, and made huge profits. Media expert Concello said both news platforms have the highest market in the UK and Europe. He said this type of duopoly should be discouraged and called for a reform in the media industry. Facebook has promised its users that fake news peddlers will be removed from its platform.