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Facebook takes its rift with Australia to heart and commits $1b to the news industry to make upINTL

Facebook takes its rift with Australia to heart and commits $1b to the news industry to make up

In a bid to “support the news industry”, Facebook (FB) plans to invest $1b over the next three years.

More than just a poke-war, Facebook has been going back and forth with Australia over legislation that would force social platforms to pay news organizations, as a result of the loss of their advertising revenue to the social media platform.

Whilst Facebook has stated that it has invested $600m since 2018 in the news industry, clearly news outlets are demanding more. Would you say that’s greedy or fair?

why it matters
Journalism has certainly changed dramatically since the advent of social media, and it’s likely that news of commitment to the industry by Big Tech will aid tweaks to the proposed legislation.