Over time, humans and their behavior have changed dramatically, people, especially in the last decade, have shown a huge influx into technology and the internet. People who once consumed a small amount of daily news from newspapers or television now get the majority of their news from different social platforms on the internet.
With their steady growth and success in becoming the top choice for news consumption, social media platforms generate significant revenue from news content.
One such social media giant is “Meta” (formerly known as Facebook). Owning several social platforms with high traffic Meta is probably one of the main sources of information in different parts of the world; using its large user base to its advantage, the company surely earns the lion’s share of its news content. This was recently proven by an article from the University of Cambridge.
Led by economics professor ‘Matthew Elliot’, the article focused on how different tech giants are earning from digital news content. Talking about the amounts, the professor wrote that Google and Meta alone in the UK earned a sum of 10.8 billion pounds and 5.3 billion pounds respectively.
The News Media Association (NMA), when releasing the report, demanded that the UK government put in place new laws and regulations that reduce the monopolization benefits enjoyed by Google and Facebook and force them to pay better revenue to news editors.
Professor Matthew Elliot made similar remarks about the report and said news content generates significant revenue for these companies. tech giants like Google and Facebook.
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