Facebook announced today that as part of its new publishing platform plan, it will provide journalists with US$5 million in funding to help them attract readers and benefit from it.
Facebook said the move was part of a response to trends in email newsletters. Currently, email newsletters are led by platforms such as Substack. Facebook said last month that it plans to provide a free, customizable publishing tool that allows users to develop websites and email newsletters, and users can charge for subscriptions.
Facebook said today that starting from Thursday, independent journalists in the United States can apply for the project, and journalists who report on “black, native, Latino, Asian, or other people of color audiences” in areas lacking existing news sources will be given priority. .
Today, the growth of paid email newsletters has shaken up the media world. Attracted by the profit potential of cash advances and unlimited subscriptions, many well-known media reporters have left and started businesses on platforms such as Substack and Patreon.
At the beginning of 2019, Facebook announced that it would invest US$300 million in various U.S. news associations and organizations in the next three years to help develop local news.