Facebook is banning all advertisements for cryptocurrency, including Bitcoin and initial coin offerings, as part of an “intentionally broad” policy against deceptive marketers. Product management director Rob Leathern explained the decision in a blog post, saying Facebook will no longer accept ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices.” He says the decision isn’t permanent, though, and that Facebook will revisit the rules when it’s gotten better at detecting and removing bad ads.
Cryptocurrencies are a bubble and cannot function as actual currencies because of their volatility, legendary macro trader George Soros said from Davos, Switzerland. But he didn’t quite predict the crash that some naysayers have forecast. “Normally when you have a parabolic curve, eventually it has a very sharp break,” Soros said Thursday. “But in this case, as long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a nest egg abroad.”
Keeping in tradition with other years, Facebook owner Mark Zuckerberg has issued a mission statement just as the new year begins. Unlike before, he concentrates more on putting power back into people’s hands, other than his task to fix Facebook, in a note published on the popular social networking site Facebook on 4 January.
Facebook has become one of the first large technology companies to shake up its tax structure and book less of its revenue in Ireland, as multinationals come under pressure to pay tax in the countries where they operate. From January 1st, Facebook will begin the process of booking revenues from large advertisers in about 28 countries - including France and Germany and other major European markets - in the countries in which they were earned. It will also pay the taxes on those revenues in those countries, and not in Ireland.
With the number of digital transactions around the world increasing by the day, Facebook is also looking to improve users’ payment experience on its platform. Making a move in the same direction, the company may soon start testing ”red envelope” payments feature that will allow users to send money to others on the platform.
Facebook will see a decline among teenagers in the U.S. this year, says market research firm eMarketer. Facebook usage among U.S. users between the ages of 12 and 17 is expected to decline for the first time this year, falling 3.4% from the previous year, according to the research. While this decline gives Snap Inc. a rare edge, as teens are fleeing to its platform, Facebook is still in the game as teens seem to be spending time on its other property, Instagram.
Facebook announced “Watch,” the long-awaited update to its video section where people can go watch short, episodic video shows. You’ll also be able to watch some live video here, including live sports that the social network has the rights to stream, like Major League Baseball games. Facebook already had a video tab. But now that tab has been redesigned, and will include short episodic “shows” that Facebook didn’t have before. Facebook is paying publishers like BuzzFeed, ATTN and Group Nine Media to make these shows, and will retain the rights to some of them. The majority of the shows, though, will be posted on Facebook free of charge. Some publishers plan to run mid-roll video ads, à la commercials, during the shows to make money.
Globally, the number of women working at Facebook has risen to 35 percent, up from 33 percent in 2016 while their number in the technical department has risen by two per cent in the past year to 19 percent, the company said. According to a Facebook blog post on Wednesday, women now make up 27 percent of all new graduate hires in engineering and 21 percent of all new technical hires at Facebook.
Facebook reported its second quarter earnings on Wednesday, and the results were predictably positive. The social network passed 2 billion monthly users earlier this summer, with over 1.3 billion using its software every day. The company parlayed that audience into $9.3 billion in revenue and $3.89 billion in net income. That’s a 71 percent higher profit than it reported for this same period last year. "I want to see us move a little faster here but I'm confident that we're going to get this right over the long term," Zuckerberg said in a conference call with analysts.
Facebook is in talks with Hollywood studios about producing scripted, TV-quality shows, with the aim of launching original programming by late summer, according to Wall Street Journal report. Facebook has indicated that it was willing to commit to production budgets of as much as, even $3 million for each episode, in meetings with Hollywood talent agencies, the Journal reported, citing sources familiar with the matter.
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