Benzinga - by Anusuya Lahiri, Benzinga Editor.
Meta Platforms Inc (NASDAQ:META) has announced plans to discontinue CrowdTangle, a widely utilized data tool by academic researchers, journalists, and others for tracking content dissemination on Facebook and Instagram.
The social media giant intends to replace CrowdTangle with the Meta Content Library in five months, limiting access exclusively to academic and nonprofit researchers, excluding most news outlets.
CrowdTangle’s decommissioning follows years of its use in studying the spread of misinformation and causing frustration among Meta’s leaders due to reporting that often highlighted problematic content spread, the Wall Street Journal reports.
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Meta is currently accepting applications for access to the Meta Content Library, promising it as an improvement over CrowdTangle with new capabilities, such as measuring content’s reach and accessing public comments data.
However, early reviews from researchers like Cody Buntain and Rebekah Tromble present a mixed view, citing shortcomings like the inability to analyze social media activity by geographic location and restrictive data access policies, the WSJ noted.
The decision to shut down CrowdTangle by August 14, amid the 2024 U.S. election campaign, raises concerns about the impact on political research on Meta’s platforms.
Meta had faced immense flak for perpetrating the January 6, 2021, Capitol riot vandalism.
The company prohibited political campaigns and advertisers from using its new generative AI advertising products to counter the spread of election misinformation.
Multiple state attorneys general are already challenging Meta with lawsuits concerning the platforms’ effects on underage users.
Despite Meta’s efforts, including forming a task force in June, challenges related to child safety persist on its platforms.
Instagram’s algorithms have linked accounts engaged in creating and trading underage sexual content, and Meta’s recommendation systems have kept promoting such content.
Additionally, the issue infiltrates Facebook Groups, where numerous groups sexualize children, and Meta’s algorithms frequently recommend similar groups.
Investors can gain exposure to Meta Platforms via The Communication Services Select Sector SPDR Fund (NYSE:XLC) and Fidelity MSCI Communication Services Index ETF (NYSE:FCOM).
Price Action: META shares traded lower by 1.09% at $490.15 on the last check Thursday.
Also Read: Meta’s Battle with FTC Thickens, Court Rejects Bid to Stop Privacy Investigation
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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