Facebook says it will pay $1 bn over 3 years to news industry

Facebook, following in Google's footsteps, says it plans to invest $1 bn to support the news industry over the next three years. The social networking giant, which has been tussling with Australia over a law that would make social platforms pay news organisations, said it has invested $600 mn since 2018 in news.

News companies want Google and Facebook to pay for the news that appears on their platforms. Governments in Europe and Australia are increasingly sympathetic to this point of view. The two tech companies suck up the majority of US digital advertising dollars, which among other problems has hurt publishers.

Facebook recently said it would lift a ban on news links in Australia after the government agreed to tweak proposed legislation that would help publishers negotiate payments with Facebook and Google. Facebook was criticised for its ban, which also temporarily cut access to government pandemic, public health, and emergency services on the social networking site.

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