This is the third round of layoffs since the company’s inception in 2004, and the largest to date.
Meta in Dispute with SIAE
Meta, the parent company of Facebook, is in a dispute with the Italian Society of Authors and Publishers (SIAE) over the sharing of advertising revenue. SIAE claims that Meta did not provide the necessary information required for a fair negotiation, making it impossible for them to accept the offer. Meta, however, threatened to remove content if SIAE refused to accept the offer.
Facebook Announced Allocation of Advertising Revenue
This disagreement comes after Facebook announced last year that it would allocate a portion of its advertising revenue to music rightsholders. SIAE claims that Meta could have used its bargaining advantage to force an unfair economic offer on them, without providing enough information to assess its fairness.
Meta Announces Third Round of Layoffs
According to Music Business Worldwide, Meta has announced another round of layoffs, which will affect approximately 10,000 employees. This is the third round of layoffs since the company’s inception in 2004, and the largest to date.