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Heritage Minister says Meta news block endangers lives as Canadians flee wildfires
(www.thecanadianpressnews.ca)
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this post was submitted on 21 Aug 2023
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Why should we subsidize failing media companies? Why not let the fair market decide, just as we do with other industries? Modernize or go bankrupt is the norm, at least usually.
That's obviously something we need to decide as a society, I just took it as a given since that's what our government is trying to do.
As to why, well I think the issue is that the social media companies inserted themselves as middlemen through monopolistic behaviours and captured all the ad revenue the news organizations used to get. The fair market isn't always fair, and monopolies are one of its failure modes. Market failure is one good example of situations where government intervention is warranted.
Google doesn't get much ad revenue from a news hyperlink. If they did, they would have caved. I believe you assume money exists where it doesn't.
Neither Google nor FB is monopolizing sharing news online. They are certainly shady companies, and we should be concerned with lock-in behavior, but linking to websites is not monopolistic in any way.
I never said they got revenue from a link. They make their revenue by showing you ads, and they use various strategies to make you stay longer on their website so they can show you more ads. One of these strategies is to include news articles in your feed, either shared by your friends, shared by the news organizations themselves (in a desperate bid to get you to visit their website), or just as suggested stuff.
They captured a huge chunk of the advertising market, and it's happening at the expense of other businesses who provide a useful service to the people. I won't pretend that they aren't useful themselves, but I think they reached a point where they've stopped seeing that as a goal, and are instead focused on antisocial objectives (showing you more ads).