Facebook to invest $ 100 million in journalism due to covid-19

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Information is essential for the effective fight against the new coronavirus, which has already caused more than 700 thousand infections worldwide, victimizing about 33 thousand people. For this reason, Facebook announced investments of US $ 100 million in the news sector: US $ 25 million directed to the production of local content by the Facebook Journalism Project and US $ 75 million for “additional marketing expenses”, distributed to news organizations in Worldwide.

Facing an uncertain economic scenario, publishing publishers have seen revenues drop with cuts in advertising and sponsorship spending. Just to give you an idea, Reuters reported that the virus could cost billions of dollars to industry in the United States.

According to SearchEngineLand, eMarketer has reduced global forecasts for spending on media advertising by 3%. It is a subscription-based market research company that provides information and trends related to digital marketing, media and commerce.

Only part
This amount is in addition to the already promised US $ 300 million for the sector, which were announced by the social network in early 2019 and which, according to the plan, will be distributed over 3 years.

Another initiative of the company in the same year was the launch of a program to help local news organizations to increase sales of digital subscriptions. In addition, £ 4.5 million will be dedicated to training journalists in the UK.

In this new wave of investments, the focus is on concentrating resources to assist professionals in the countries most affected by the pandemic. The first distribution was US $ 5,000 to 50 companies in the United States and Canada, to pay for unexpected costs associated with covering information about the new coronavirus.

“If people needed more evidence that local journalism is a key public service, they are having it now,” said the company, which daily fights fake news and low quality information, which directly affects content production, delaying teams responsible for new materials.

Even though the use of Facebook’s messaging and video calling services is increasing, the losses are also reaching the social network. “Our business is being affected like everyone else,” Mark Zuckerberg’s company said in a statement.

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