Buzzfeed founder says Facebook should pay for content on News Feed

Buzzfeed founder and chief executive Jonah Peretti has said Facebook is not sharing revenue from its News Feed, despite publishers providing a “large chunk” of the content it features.

He said the social media giant makes “gobs” of money from content but is not doing a “great job” of paying publishers who create it.

Speaking to the Columbia Journalism Review, Peretti said: “The best way to influence the content that’s there and shape it in a positive way would be to say I am going to reward content with traffic . . . but also with revenue.

“Those two things together would allow for an economic model that would give [publishers] some control over the news feed.”

Said Peretti: “When it comes to monetising video, I think YouTube is doing a pretty good job. In Facebook’s case, there has been a lot of thought that in the future they might do a better job [of paying creators], but right now they’re not doing a great job.

“There’s a certain length of time [publishers] can wait for that future to arrive, and I think [Facebook needs] to accelerate… Instant Articles is fine, it’s meaningful for us, but it’s still not a good enough product to support news, it’s still not paying enough to fund journalism.

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