ABSTRACT
This chapter assesses the dependency relationship which Facebook's dominance has imposed upon the media sector as a whole; and the question of whether Facebook itself is a media company and the implications which that has for debates on media plurality and diversity. It also assesses the economics of online advertising; the 'fake news' distraction and the role of Facebook's News Feed; and the decline of trust in established media and the rise of especially 'alt-right' news sites, which has been fuelled by Facebook. The UK’s Cairncross review examined how to create a sustainable future for journalism. As Facebook announced that it was entering the market for original and licensed video content in December 2016, with Facebook Watch joining Facebook Live as an opening for media content, Mark Zuckerberg said that Facebook is a new kind of platform. Facebook provides its own subsidies through sponsored content relationships with news media organisations to promote its arguments and downplay criticisms.
