Social media giant Facebook contemplates reshaping the methodology of how we consume news content
Facebook, the social media giant with over a billion users, is making waves in the media industry. Late last year, the company secured its first major media partnership with the NFL, featuring sponsored clips on the network. This move marks a significant step for Facebook, as it aims to become a key player in the world of media.
The partnership with the NFL saw ad revenue divided evenly between the two parties. This model has been employed in previous collaborations with Verizon, where Facebook provided sponsored content.
However, Facebook is not resting on its laurels. The company is reportedly courting news outlets that heavily rely on Facebook for traffic, according to The New York Times. This move is aimed at strengthening Facebook's position in the media landscape.
Recognising the impact of load time on traffic, Facebook is also working on a solution to hasten the load time between its site and external sources, which currently takes eight seconds. Edward Kim, an analyst from SimpleReach, has stated that marginal increases in load time can drastically increase traffic.
Meanwhile, some publications are suggesting that journalists band together to negotiate with Facebook to maintain control of their ads. This comes as top media organisations, including the New York Times, National Geographic, and BuzzFeed, are said to be the initiative's first partners.
In a bid to compete with these media giants, a new advertising alliance named Pangea has been formed. The alliance, consisting of The Guardian, Reuters, CNN, the Economist, and the Financial Times, aims to provide brands access to more than 110 million readers through a programmatic advertising system. In global audience reach, Pangea ranks fourth behind LinkedIn (173 million).
Facebook's Mark Zuckerberg has pitched a plan that allows publications to display their content directly on Facebook and split advertising revenue with the company. This could potentially revolutionise the way media organisations reach their readers, with Facebook currently helping media organisations reach 823 million readers.
As the media landscape continues to evolve, it is clear that Facebook is playing a significant role in shaping its future. With its massive user base and innovative partnerships, the social media giant is poised to make a lasting impact in the world of media.
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