Meta Platforms, Inc. (META) announced it would deprecate its dedicated news tab, Facebook News, in the US and Australia in early April 2024. That means the social media giant will not renew existing commercial agreements with the news companies in Australia. The company deprecated Facebook News in the UK, France, and Germany last year.
Meta to Deprecate Facebook News in the US and Australia
ABC News reported that Meta entered into agreements with Australian media agents after this country introduced the News Media Bargaining Code. This law requires big tech companies to pay for the news they display on their sites.
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Worth millions of dollars, these deals are due to expire in the coming months. Reportedly, Australian newsagents gained approximately $200m as a result of these agreements. Meta did, however, indicate it would not hamper access to Australian news after the expiration of the contracts. In its press release, the company said:
The changes affecting the Facebook News feature will not otherwise impact Meta’s products and services in these countries. People will still be able to view links to news articles on Facebook. News publishers will continue to have access to their Facebook accounts and Pages … .
Meta was motivated to make this decision because many Facebook users do not use the platform to access news, and the money can be invested in things that better serve user interests. The social media platform commented:
This is part of an ongoing effort to better align our investments to our products and services people value the most.
According to ABC News, the Australian Federal Government can respond in several ways. One is to designate and force Facebook into mediation.
