- Facebook confirmed that it is working on the feature to deliver topical stories.
- Facebook is following the successful model of Google news which Google launched in 2006.
Facebook is in talks with different news publishers and is ready to offer millions of dollars for the rights for publishing their content under the news section. They have planned to introduce this feature later in the year.
It is reported that the news tab will feature along with other features in the main page such as news feed, messenger and watch
According to CNBC, Facebook confirmed that it is working on the feature to deliver topical stories.
This whole idea of news tab was seen when about 4 months ago, Zuckerberg, CEO of Facebook posted a video on his profile in which he discussed the future of journalism with Mathias Dopfner CEO of Axel Springer.
Mark Zuckerberg wrote, “It’s important to me that we help people get trustworthy news and find solutions that help journalists around the world do their important work.” along with the video.
Earlier attempts at bringing news content to the platform were introduced in the form of Instant articles, which like Google Amp Pages surfaced news articles in a quick, light and mobile-friendly format hosted by Facebook. Facebook used to insert ads into the pages and shared the revenue with publishers. Facebook and Google have both been criticized in the past for not sharing sufficient ad revenue with publishers.
Publishers are understandably worried about Facebook’s proposal given incidents which occurred in the Facebook’s Live Video program earlier. Facebook earlier convinced the publishers about the huge scope of videos and promised it will bring huge transactions on the platform along with good revenue. A lot of publishers accepted the proposal and decided to invest heavily in video production. When the platform failed badly, the failure was then followed by allegations that Facebook artificially boosted the figures in order to have a successful look of the platform which resulted in many publishers losing money and many journalists losing their jobs.
Success Of Google News
Facebook is following the successful model of Google news which Google launched in 2006.
Recently, when small and medium newspapers shut, search and large media houses handed over pink slips to journalists worldwide, Google alone created a whopping amount of $4.7 billion from its Search and Google News in 2018 — nearly as much as the entire U.S. news industry created as whole last year. According to a report within the New York Times, compared to Google, the news industry in the U.S. made an estimated $5.1 billion from digital advertising. The report took the information from the News Media Alliance that represents over 2,000 newspapers across the United States.