According to Time, the new, simplified policy, which takes effect Jan. 1, aims to provide Facebook’s 1.3 billion users with a more user-friendly document that clearly outlines who can see the personal information you’ve shared on the site and how that information is used.
“[T]he bottom line hasn’t changed: Facebook knows who you talk to, what music you listen to, what TV shows you watch, what restaurants you visit, and uses all of that information to try and sell you things,” USA Today said.
Although you can opt in or out of sharing information with third-party apps, Facebook can still use your information to target ads to your specific tastes. According to Wired:
The reality is that most Facebook users will not read the policy, and even if they do take issue with the way Facebook intends to collect information about their purchases or use their location information to target advertisements, most will likely continue to use Facebook. Such is the way of the modern Web, which is, in large part, paid for and driven by ad targeting technologies.