probably been around as long as humans have lived in groups where power matters.
As she describes in her study, until the printing press was invented, news was usually
transferred from person to person via word of mouth and the ability to have an
impact on what people know was an asset that has been prized for many centuries.
However, a significant difference between the ‘old’ fake news and the fake news in
the social media era, is the fact that stories can now be distributed with high speed, in
real-time, reach a huge audience and therefore might influence a lot of people. For
instance, as Allcott and Gentzkow point out, an individual user with no track record
or reputation can in some cases reach as many readers as Fox News, CNN, or the
New York Times. A well-known example of fake news distributed by users who
managed to reach a huge audience and earn a lot of money by generating misleading
stories is the ‘Veles case'. According to Subramanian (2017), this case refers to a
small Balkan town where more than 100 sites posting fake news about the US
election were run by teenagers. These websites generated tons of misleading
information about the election and the owners earned money by the advertisements
they had added to their websites. During the US election campaigns these websites
were pumping out sensational – and fake – stories to earn money from advertising.
Another recent example for a fake news source is the endingthefed.com website, that
was responsible for four of the ten most popular fake news stories on Facebook about
the US election and was run by a 24-year-old man (Townsend, 2016). A US
company called Disinfomedia owns many fake news sites, including
NationalReport.net, USAToday.com.co, and WashingtonPost.com.com and its owner
claims to employ between 20 and 25 writers (Sydell, 2016).
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