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In response to Bill C-18, Meta and Google have stated they will stop sharing Canadian news and media on their respective channels. Here’s how you can stay informed until this gets figured out.
For almost 25 years, MoneySense has provided personal finance journalism for Canadians, covering anything and everything dealing with money, from investments to groceries. I love my job, and I love journalism and its altruistic efforts to inform people so that they can have better lives. But I have a love-dislike relationship with social media (I hate to use the word hate). When social platforms first launch, media are, well, social media darlings. News content gives users a reason to go on and check their feeds. And publishers benefit from having a direct connection to their readers and an avenue to grow their followers. But as these platforms mature, they have shown they are willing to prevent their users from accessing important information if it means defending their profits. And I’ve seen advertising and newsroom budgets move from print to digital in an effort to reach the growing number of followers. I remember the days when posting to social media meant a direct connection to Canadians.
Meta, the company that owns Facebook and Instagram, and Google state they will begin limiting and halting access to news content, but that’s only half true. News exposure on some social media channels has been declining for a while, except it’s been called “pay to play,” through “social boosting,” meaning publications like MoneySense have to pay fees to ensure our content is seen by our followers and target audiences. It seems that audience growth through social media has peaked, at least from where I sit.
Bill C-18, which became law on June 22, 2023, requires tech companies that use content from news media to pay for it. In response to the bill, Meta released a statement that included: “Publishers choose to share their content because it benefits them to do so, whereas it isn’t particularly valuable to us at all. As such, we’ve taken the difficult decision that if this flawed legislation is passed, we will have to end the availability of news content on Facebook and Instagram in Canada.” And Google also released a statement: “We have now informed the Government that when the law takes effect, we unfortunately will have to remove links to Canadian news from our Search, News and Discover products in Canada, and that C-18 will also make it untenable for us to continue offering our Google News Showcase product in Canada.”
Until this gets figured out, Canadians are at risk of missing out on vital information that shapes their lives. That’s alarming, no matter which side of this debate you sit on.
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Not that you need the added incentive, but we also have a giveaway for our subscribers happening until July 31, 2023. We’re giving away 10 copies of Balance: How to Invest and Spend For Happiness, Health, and Wealth ($24 retail value) by personal finance journalist Andrew Hallam (author of Millionaire Teacher) to MoneySense newsletter subscribers in Canada, excluding Quebec. If you’re not yet a subscriber, sign up now. And stay tuned for further giveaways—we have exciting things planned.
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Please keep sending. Enjoy your informative, concise articles every week.
Keep letting us know the best way to support Money Sense- please keep any tech instructions simple. Thanks.
Love the emails. Very informative for any level of sophistication in finance. Especially love the taxation planning articles.
Keep it up !