Meta will no longer pay US publishers for news content

After Meta’s revenue shrank for the first time in its history, the company has reportedly told publishers that it will no longer pay for content running in Facebook’s News tab, the release said axios. “Most people don’t come to Facebook for news, and as a company there’s no point investing too much in areas that don’t align with user preferences,” a spokesman said in a statement.

Facebook spent around $105 million on such deals and paid $20 million in down payment The New York Times$10 million too The Wall Street Journal and $3 million to CNNcorresponding axios. Facebook closed the deals back in 2019 when it ramped up its investments in news, even hiring journalists to drive traffic to the news tab.

Facebook also promised to pay partner sites including The guard and The economist for news in the UK when it launched the News Tab there in late 2020. Shortly thereafter, it signed a deal with Rupert Murdoch’s News Corp to pay for content in Australia after the Australian Parliament passed legislation requiring Facebook and Google to do so.

Along with Google, Facebook has been criticized for draining advertising money from dedicated news sites. This has contributed to the failure of a quarter of US news sites over the past 15 years pointerwhere the professional journalistic vacuum has often been filled by false or misleading news stories on Facebook.

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