The always-excellent John Herrman, for the New York Times:
For now, the network hums along, mostly beneath the surface. A post from a Liberty Alliance page might find its way in front of a left-leaning user who might disagree with it or find it offensive, and who might choose to engage with the friend who posted it directly. But otherwise, such news exists primarily within the feeds of the already converted, its authorship obscured, its provenance unclear, its veracity questionable. It’s an environment that’s at best indifferent and at worst hostile to traditional media brands; but for this new breed of page operator, it’s mostly upside. In front of largely hidden and utterly sympathetic audiences, incredible narratives can take shape, before emerging, mostly formed, into the national discourse.
While this is (mostly) about the U.S. election, the same basic pattern exists in all territories at all times. The only surprising thing should be the scale (tiny) and profitability (staggeringly high) of the content farms.