Facebook to invest $300 Million, focusing on local news to survive
Facebook announces a new investment of almost $300 million over the next three years to support local news organisations, over the next three years in local news programmes, partnerships and other initiatives.
Campbell Brown, Vice President, Global News Partnerships, said in a blog post that Facebook looks at supporting local journalists and newsrooms with their newsgathering needs in future to help local organisations to build sustainable business model via product and partnership work.
Campbell Brown, said later on Tuesday, "We heard one consistent answer: people want more local news, and local newsrooms are looking for more support. That's why today we're announcing an expanded effort around local news in the years ahead".
The move has come in at a difficult time for the news industry that is facing falling profits and print readerships.
Google too in 2018 had committed to a $300 million investment for over three years to strengthen quality journalism with a sustainable business model to empower newsrooms via technological innovations.
Facebook will be looking at investing $300 million in news programmes, partnerships and content.
Among the components is a Pulitzer Centre -- a $5 million endowment gift to launch "Bringing Stories Home", a gift that will provide local newsrooms across the US with reporting grants to foster coverage on topics that affect local communities.
"Report for America" is a $2 million investment in the initiative to place 1,000 journalists in local newsrooms across America over the next five years.
"This year, we'll commit over $20 million to continue our local 'Accelerator' programme in the US and to expand the model globally, including in Europe," said Brown.
