Facebook is Investing $100 Million in the News Industry
With the ongoing pandemic, high-quality and accurate news reporting is imperative. However, the pandemic has prompted a sharp decline in the advertising spend since the companies are slashing marketing budgets amidst financial uncertainty.
Approximately 70% of total buyers have already adjusted their plans. This fall in revenue comes at a time when accurate and precise journalism is needed more than ever.
Hence, Facebook, on top of the $300 million it dedicated to news programs, partnerships, and content at the beginning of 2019, has pledged to invest $100 million in the news industry.
Out of this amount, $25 million will be provided in grant funding for local news via the Facebook journalism project. The remaining $75 million will be sent in the form of ‘additional marketing spend’ to the worldwide organizations.
In a press release, Facebook stated:
If people needed more proof that local journalism is a vital public service, they’re getting it now.
The social media platform is t..