An Update on Facebook News
MetaMar 01
Meta Dropping Facebook News Tab in US, Australia
The Facts
Facebook parent company Meta announced Thursday that it will remove its section devoted to news — called Facebook News — in Australia and the US in April. Meta previously announced the same for the UK, Germany, and France.
The move also ends commercial deals between Meta and Australian news publishers it signed in 2021. The agreements came after Australia enacted its news media bargaining code — prompting Meta and Google to sign deals worth hundreds of millions of dollars.
The Spin
Narrative A
Meta is following the numbers. News content makes up just 3% of Facebook user feeds around the world, so the company is wisely shifting its investments toward things users want. News websites will still be able to share their content across the platform and, once their audience clicks on their website, these companies won't have to share a penny of the revenue with Meta.
Narrative B
Meta's move adversely impacts journalism. A functioning society needs a robust press to cover the stories of the day, but platforms like Facebook make it impossible for journalists to make any money doing their jobs. Governments like Australia tried working with Meta to build a fair system for publishers and the company, but Meta has decided to turn its back on principle in favor of profit.
Nerd narrative
There's a 2% chance that Meta Platforms will sell Instagram or WhatsApp before Jan. 1, 2025, according to the Metaculus prediction community.