Engaging in South Korea: Meta’s Zuckerberg Visits Samsung
Meta’s Mark Zuckerberg plans to visit South Korea, scheduling key meetings during the trip, according to a statement by Meta on Wednesday, which did not provide further details. Reportedly, Zuckerberg is anticipated to meet with Samsung Electronics chairman Jay Y. Lee later this month to discuss AI chip supply and other generative AI issues, as per the South Korean newspaper Seoul Economic Daily, citing unnamed sources familiar with the matter.
In a surprising move, Meta, the social media giant behind Facebook, has announced the discontinuation of its dedicated Facebook News section for users in the United States and Australia, effective April.
Reels vs. News: A Strategic Shift
Meta attributes this decision to its ongoing efforts to align its investments with the preferences of its users. “As a company, we have to focus our time and resources on things people tell us they want to see more of on the platform, including short form video,” the company stated in a blog post.
Data shows that the usage of Facebook News has declined significantly over the past year, prompting Meta’s shift away from news content.
The End of an Era
Meta’s decision marks a significant turning point in its relationship with the news industry. The launch of Facebook News in 2019 aimed to connect users with relevant news stories, but the company’s ongoing controversies surrounding misinformation and content moderation have led to a distancing from traditional media.
News Publishers Adapt
Despite the removal of Facebook News, Meta emphasizes that news publishers will still have access to their Facebook accounts and Pages, allowing them to post links to their stories and redirect users to their websites. Existing Facebook News agreements with publishers in certain countries will also remain in place.
However, Meta has clarified that it will not pursue new business deals for traditional news content in the countries where Facebook News is being shuttered.
The Impact on Publishers
The shutdown of Facebook News and Meta’s reduced involvement in the news distribution business have had a substantial impact on publishers. Referral traffic from Meta platforms has plummeted, forcing publishers to explore alternative channels to reach audiences.
According to industry analyses, Facebook accounted for approximately 50% of social media traffic for publishers in December 2022. By the same time the following year, that share had dwindled to 33%, highlighting the significant decline.
The Rise of Video Content
While Meta is retreating from the news scene, it is doubling down on its investment in short-form video content through its Reels product. This move aligns with the company’s recognition of the increasing popularity and engagement of short videos on platforms like TikTok.
Meta remains committed to providing tools for publishers to engage with audiences and drive traffic to their websites, including Reels and its advertising platform.
In conclusion, Meta’s decision to discontinue Facebook News and prioritize short-form video content signals a shift in its strategy. As publishers navigate this transition, they are adapting to a changing digital landscape where video consumption takes center stage.
Data sourced from: cnbc.com
