Facebook
in the US will no longer have any news material, according to Meta.
It
opposes a new rule that would give media organizations more negotiating power
when setting prices for Facebook-shared material.
News
on Facebook was temporarily stopped last year as a result of a similar rule
that was approved in Australia.
According
to Meta, their platform actually boosts traffic to failing news organizations.
Publishers
post their content to Facebook because, according to the article, "it
enhances their bottom line."
The legislation, known as the Journalism Competition
and Preservation Act (JCPA) was introduced in Congress by Minnesota Senator Amy
Klobuchar and has bipartisan support.
The ability to jointly bargain with
social media companies for a larger portion of ad revenue would increase for
publishers and broadcasters.
Media companies contend that news
stories published on Meta earn enormous sums of money.
While Meta generated enormous revenues
throughout the pandemic, local news in especially faltered.
Meta counters that this story is
untrue. Instead, it asserts, Meta promotes news sources.
A representative for Meta, Andy Stone,
stated: "We will be compelled to consider removing news off our platform
entirely if Congress approves a poorly thought-out journalism measure as part
of national security legislation."
Additionally, Meta contends that a little portion of Facebook's revenue comes from news sharing.
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