Facebook, which will soon open a news platform, announced its payment support to local and independent journalists. With this support, the Facebook wants to get ahead of its rival Substack.
Facebook announced yesterday that independent and local journalists will pay for the news to expand their audiences, remain on the platform and ensure continuity. The company underlined that it set a figure of $ 5 million to pay journalists.
Facebook continues negotiations for its new platform
“We are launching a platform on Facebook that will help independent writers, experts, journalists and official voices reach new audiences,” the company announced. used the expressions.
The news platform, announced last March, allows journalists to publish newsletters and charge for subscriptions. It will also include a publishing tool that allows integration with existing features such as the news platform, Facebook pages and groups.
According to Reuters, the Facebook is in talks with selected journalists to make multi-year deals with selected journalists who can earn more money through subscription.
Facebook and Substack competition in digital journalism
Facebook has also faced significant competition with newsletter provider Substack. Substack launched a $ 1 million initiative called Substack Loyal in mid-April.
Saying that he will give an advance of 100 thousand dollars to about 30 local news reporters, Substack aims to include high profile people in the sector. Facebook also paid a similar amount last year to news organizations to post content on its social network.