The Upside of Facebook's Unprecedented Power

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"Digital media companies do five things. They create, host, curate, distribute and monetize content. Facebook now does four of them."

That was how Chartbeat founder Tony Haile opened a recent essay on Facebook, published here on Recode. The implications of his statement aren’t subtle. Facebook dominates — at least, seemingly — so many core elements of the media value chain that it represents a kind of terrifying world destroyer to content producers.

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