Facebook considers paying media companies for news contents

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SAN FRANCISCO - NOVEMBER 15: Facebook founder and CEO Mark Zuckerberg speaks during a special event announcing a new Facebook email messaging system at the St. Regis Hotel on November 15, 2010 in San Francisco, California. Facebook will launch a new messaging system aimed at enhancing it's social media product to its 500 million users. (Photo by Justin Sullivan/Getty Images) *** Local Caption *** Mark Zuckerberg

The Chief Executive Officer (CEO) of the social media platform, Mark Zuckerberg, plans to create a news tab for quality news sources so to pay news media companies for contei

During a discussion with Axel Springer SE CEO, Mathias Doepfner, who runs the largest publisher in Europe, Zuckerberg said the company is mulling the idea of having a dedicated tab on the social network for news. It will also pay publishers for high-quality contents. This is a step closer to the request of media executives who have clamoured for such.

Facebook yielding to media executives’ request: Facebook had announced last year that it will focus on friends and family contents in the news feed. However, the new development aligns with the call by some media executives like News Corp. CEO Robert Thomson and BuzzFeed Co-Founder, Jonah Peretti, that Facebook should share more revenue generated by its News Feed with media outlets.

Why Facebook is considering this move
Facebook has been campaigning against the spread of fake news which has become a serious global issue. And in the company’s effort to rid the social media platform of fake news, Zuckerberg thinks it’s important to incorporate trustworthy news providers.

“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.”

Another reason is linked to the European Union copyright rules Facebook is facing. The EU rules will require Facebook to compensate publishers and creators for the news articles, songs, and videos that appear on their social media platform.

Facebook anti-fake news campaign
Facebook has been a platform used by many to share contents that are unverified or fake in a bid to attract views, likes, and comments. The platform has been accused of being one of the sources of fake news, and in order to curb the spread and the impact fake news have on political activities, the company has been rolling out policies to that effect.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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