Facebook pledges $1 billion in over 3 years to support news industry

Facebook has followed in the footsteps of Google who donated $1 billion towards the cause back in October

e4m by exchange4media Staff
Updated: Feb 26, 2021 12:06 PM
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 After its row with the Australian government over its newly-passed content laws, Facebook has announced that it plans to invest $1 billion in over three years to support the news industry.

In a blogpost, Nick Clegg, VP of Global Affairs wrote: “Facebook is more than willing to partner with news publishers. We absolutely recognize quality journalism is at the heart of how open societies function — informing and empowering citizens and holding the powerful to account. That’s why we’ve invested $600 million since 2018 to support the news industry, and plan at least $1 billion more over the next three years.”

Facebook has followed in the footsteps of Google who donated $1 billion towards the cause back in October.

Addressing its row with the Australian government and contentions of the platform “stealing” news, Facebook said that it was like “forcing carmakers to fund radio stations because people might listen to them in the car.”

It also pointed out the irony in big publishers who have long advocated for free markets and voluntary commercial undertaking supporting state-sponsored price setting.

As an alternative, Clegg wrote that Facebook has decided to partner with news publishers to recognise quality journalism. The platform has therefore pledged $1 billion to the cause over the next three years.

 

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