Due to this the journalism industry faced a huge fall in advertising revenue and print sales because no one really buys newspaper now except a few and there were economic crisis and job losses in journalism. To prevent any further destruction, the European Union decided to form a balance between traditional media and modern tech giants and in its 2019 reform to copy rights law added a part called “neighboring right” which forced Social Media companies sign remuneration agreements with media companies.
However, Facebook instead of signing any such thing thought out of the box and introduced Facebook News which is a platform which brings worldwide news related content from different traditional publishers and in return Facebook pays the said publications. After US and the UK, the Tech Giant is all set to offer its services in Germany now.
Facebook will roll out this news platform in Germany in May 2021, according to the Social Media Giant. Facebook also enlightened the public about the fact that the news platform in Germany will be providing content from over a strong and diverse range of 100 existing German media outlets.
The publications will obviously be paid and the company also gave a few names of media companies they will be working with. The platform will have content from both daily as well as weekly and sometimes even monthly issues of content from the media company. It has paired up with prestigious national weeklies such as Die Zeit and Der Spiegel to regional dailies like the Rheinische Post along with major groups such as Funke and Conde Nast.
However, you may notice that Germany’s well known media giant Axel Springer is not on the list. This is because that Axel Springer thinks that while Facebook is surely helping struggling media companies, it is paying them a disproportionately low rate and is trying to climb on the ladder of becoming a media company itself and that Axel Springer advocates for a European copyright which allows all media companies to receive reasonable remuneration. Therefore, they did not take part in any form of collaboration with Facebook.
Collaborating with Facebook the publications and media companies will have a new form of growth and overcome the economic downfall they are facing lately. While their newspapers and articles previously were only available in Germany through Facebook it will now be accessible to a large amount of the world and a German sitting in US can read news about what is going on in his home country. Monetization and business model that has been acquired will also help these companies in the long run.
This is a great initiative by Facebook. While it is only available for a total of three countries we have hopes that the Tech Giant will expand it sources to other places in the future.