From the start, some publishers cautiously regarded Facebook as a resource to be used only to the extent that it supported their existing businesses, wary of giving away more than they might get back. Others embraced it more fully, entering into formal partnerships for revenue sharing and video production, as The New York Times has done. Some new-media start-ups, most notably BuzzFeed, have pursued a comprehensively Facebook-centric production-and-distribution strategy. All have eventually run up against the same reality: A company that can claim nearly every internet-using adult as a user is less a partner than a context — a self-contained marketplace to which you have been granted access but which functions according to rules and incentives that you cannot control.
The news feed is designed, in Facebook’s public messaging, to “show people the stories most relevant to them” and ranks stories “so that what’s most important to each person shows up highest in their news feeds.” It is a framework built around personal connections and sharing, where value is both expressed and conferred through the concept of engagement. Of course, engagement, in one form or another, is what media businesses have always sought, and provocation has always sold news. But now the incentives are literalized in buttons and written into software. (Source)