After recently announcing an upcoming Newsletter platform on the social media app, Facebook, this week, stated that it is ready with a $5 Million arsenal to fund local journalists who will be a part of the feature.
Facebook Inc said that it will give $5 million to pay local journalists in multi-year deals as part of its new publishing platform to help independent writers attract an audience and make money through the social media network. According to a report by Reuters, “Independent journalists in the United States can apply to the program, and priority will be given to reporters who plan to cover Black, Indigenous, Latinx, Asian or other audiences of color in locations that lack an existing news source.”
The company will partner with the International Center for Journalists and the National Association of Hispanic Journalists to evaluate applications, after which they will provide the selected participants with access to experts and services to help them build a newsletter business through the app. The publishing platform, which Facebook announced last month, will be integrated with Facebook Pages and include a free self-publishing tool for journalists to send out newsletters or create their own website.
According to the module, journalists will be able to earn additional money from publishing stories using Facebook’s tools, starting with subscriptions, and each writer can set their own price, the company added. “As writers, experts and journalists publish more of their work independently, we’re working to better support those efforts and make it easier for those content creators to build businesses online. In the coming months in the U.S., we’ll introduce a new platform to empower independent writers, helping them reach new audiences and grow their businesses.”
Upon creating the platform, Facebook will then offer various distribution and presentation options, including:
- An integration with Facebook Pages to enable publishing across various multimedia formats including photos, live videos, and stories
- The ability to create Facebook Groups and nurture a community of readers
- Features to help audiences easily discover new content and writers, and in turn, help those creators build direct relationships with their audience
- Insights for writers to understand how content is performing
- Monetization tools to build successful individual websites and businesses, starting with subscriptions
- Accelerator services to help creators come together and learn best practices
Similar to this venture, Twitter, this year acquired Revue, giving it an immediate linkage into the newsletter space, which it’s now looking to translate into an integrated Twitter offering, to help users monetize their on-platform presence.