Tech

Facebook: ‘We are going to invest a billion dollars in news organizations’

CEO Nick Clegg writes that “claims that Facebook is stealing original journalistic products for its own gain have always been untrue.” He points to the quarrel with the Australian government, which recently prevented Australian news from being shared on the platform last week.

This weekend, after further negotiations, Facebook announced that it would allow the news back into Australia.

The problems between Facebook and Australia arose because of an Australian bill that requires social media platforms to pay to post content from news sites. The country hopes to protect journalism in this way.

According to Clegg, the investments are an “alternative approach” to the same problem. They follow up on the $ 600 million the company has invested in the news since 2018. Clegg mentions deals Facebook has made with The Guardian, the Financial Times and several other news outlets.

‘Journalism earns more from us’

Clegg’s words are in line with the line that Facebook has been holding for some time. According to Facebook, news companies earn more from its platform than the other way around.

“There are legitimate concerns about the size and power of tech companies,” writes Clegg. “But the internet needs new rules that work for everyone, not just big media companies.”

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