Where do you get your news these days? I’m sure we all know people that only read news via social media, probably a friend sharing a link on Facebook about a breaking news story. It’s a shame that Facebook didn’t write it.
Press agencies say pay up
Last week, 9 European press agencies called out Facebook and Google to force them to pay copyright for using news content. Both companies make huge annual profits and the press agencies think it’s time they paid up.
As neither of the tech giants have a newsroom or journalists out in the field, links to external sites are used. As social media is such a powerful tool for sharing content, an article could get thousands of shares and impressions, and guess who is making money on that?
Press agencies are calling for a bigger share of online revenues. After all, their journalists are out there researching the stories and putting content together. Social media has become such a go-to point for news that something has to change.
Facebook has become a global media giant. They tripled their advertising revenue profits in 2016 to over $10 billion dollars. The major drive behind the traffic to the site is now to read news, second only to people logging into Facebook to check social updates.
With the internet paving the way for more rapid and accessible news, it’s no wonder that newspaper advertising revenues have fallen dramatically, and newspapers are closing down. Some newspapers have online subscriptions, but it’s most likely only the truly dedicated readers that buy in.
If Facebook and Google shared some of their mammoth profits by paying copyright fees to newspapers and press agencies, there’d be a lot more happy (and employed) journalists around.