Partnerships will to British newspapers millions of pounds due to loss of meta European contents.

British newspapers are preparing for a substantial financial setback as social media giant Meta announces the termination of its news content agreements with publishers across Europe. This move is part of Meta’s ongoing efforts to realign its investments with the most valued products and services. Furthermore, it includes the closure of Facebook News, a dedicated tab within Facebook’s bookmarks section that highlights news, scheduled for early December. While Meta has not disclosed the exact financial details of these agreements, it is estimated that the sums involved in the UK alone reach tens of millions of pounds. Publishers in France and Germany will also feel the impact of this decision.

Reach Plc’s Response

Reach Plc, the owner of prominent titles such as the Mirror, Daily Express, and Star, has revealed its collaboration with Google and Facebook on news initiatives, from which it currently receives regular monthly fees. This development underscores the significant financial implications for media companies heavily reliant on partnerships with tech giants like Meta.

Existing Contracts Honored, But No Renewals

Meta has assured that it will fulfill its commitments under existing contracts until their expiration but has no intentions of renewing them. The company emphasizes its need to allocate time and resources to aspects of the platform that users express the most interest in, particularly short-form video content. Meta contends that Facebook users primarily seek connection and opportunities for discovery, rather than news and political content.

News Still Shareable on Meta Platforms

Despite these changes, Meta has indicated that it will continue to allow the sharing and viewing of news articles on its platforms. However, it’s worth noting that Meta has previously restricted the sharing of news content in Canada as a protest against proposed legislation mandating fees to news publishers by social media platforms. Notably, news accounts for less than 3% of the content users encounter on their Facebook feeds worldwide, according to the company’s data.

This decision by Meta signals a significant shift in its approach to news content and partnerships with publishers in Europe, impacting both media companies and the way users engage with news on the platform.

World News