The answer to this is, No, Facebook “Like” Paid Campaigns are not going away as an ad option (also known as “Promote your Page” on Facebook); however, as of November 5, 2014, what is going away is the option to “Like-Gate” your fan page.
Like-gating is when you reward someone with “fan-only” content, meaning that they can only get a certain piece of content after they “Like” your fan page. This was particularly present in entry forms for Sweepstakes and Contests held on Facebook as shown in this example below.
You can still encourage users to “Like” your page, you just will no longer be able to require them to “Like” it in order to enter a contest or receive information from you. Instead, many marketers are suggested that you “Action-Gate” your page instead.
The question is, are Paid Like Campaigns still valuable? My answer is: Yes and No. Yes because if you’re purely focused on quantity not quality, then it may be of value; however, you can get cheaper “Likes” through third party services than going directly through Facebook. Our only warning is that although these third party companies can fluff up your fan page numbers, these “fans” will mostly be from Philippines or Sri Lanka. Even if you purchase U.S. targeted fans, these will be “fake” Facebook accounts typically created by bots and will result in you having to monitor your page for spammers and bizarre photos or comment uploads.
Additionally, Facebook fan page posts are no longer reaching even 10% of the fan of a any given page organically (if that), so we would suggest not even worrying about the number of fans your Facebook page has. Instead, use the Facebook paid resources to access and utilize the extensive amount of data that Facebook collects about its users to target ads to them.
It might make more sense to spend your ad dollars doing a Promoted Post (Boost your posts) which can not only reach all of your fan base, but also reach friends of your fans and other people that don’t already “Like” your page. We also really like Facebook’s ad option to “Send people to your website.” Both of these, in our opinion, will give you more bang for your buck then using that money to increase your fan base.
Having said that, Facebook has all kinds of different ad options which you should be aware of and test to see which works best for you, including their newest ad form “Get video views”.