In the past couple of weeks Facebook has been quacking like it’s a media company. It’s not ducking its responsibility for controlling lies masquerading as news, and it’s snuggling up to traditional news media that distribute content on the massive Facebook platform.

Facebook , former CNN and NBC anchor as head of news partnerships. In announcing that she was joining Facebook, Brown:

The week following hiring Brown, Facebook announced that it was going to begin

However, all of of this well-intentioned and welcome sense of journalistic responsibility does not make Facebook a media company. It is much more than that. like Microsoft’s Windows, like Amazon and like the biggest platform of them all, Google. Even though Facebook and Google are supported by advertising like media companies such as Comcast, the Walt Disney Company, Time Warner, Twenty-First Century Fox, CBS and Fox are, Google alone is worth more (market cap) than all of the media companies mentioned.

As of today (1/12/2017) Google’s market cap is $560.4 billion and Facebook’s market cap is $358.4 billion. The only company that is more valuable than Google is Apple ($635.9 billion). For comparison sake, compared to Google, the largest traditional media company is Comcast (which includes NBC), which has market cap of $171.10 billion, about 48% of Google’s, and Disney’s (ABC and ESPN) $170.5 billion market cap is just 47.5% of Google’s. Twenty-First Century Fox’s (FOX News) market cap ($54.86 billion) is more than twice CBS’s market cap ($26.93 billion), which means that Google is more than 20 times more valuable than CBS and Facebook is more than 13 times more valuable than CBS.

And the size of the audiences that marketers can reach via Google and Facebook dwarf the audiences available on the traditional media to a similar degree as the difference in their market caps indicate.

Why have marketers and advertisers switched much of their advertising investment from the traditional media to Google and Facebook? Because of the precise targeting capabilities of online advertising. When advertisers (including political candidates) invested in advertising on traditional media such as TV, they bought content that they assumed reached the audiences they wanted to reach — they bought news for older, better educated people, for example.

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