//Facebook Will Spend $5M Paying Reporters To Join Its Local News Platform

Facebook Will Spend $5M Paying Reporters To Join Its Local News Platform

Reuters reported the news on Thursday that Facebook will spend $5 million paying local journalists on a new publishing platform, saying independent journalists could begin applying for the program today. The company prioritizes reporters in areas without an existing news source — sometimes called “news deserts” — who plan to cover “Black, Indigenous, Latinx, Asian or other audiences of color.”

Facebook announced its new local news platform last month. The platform includes a self-publishing tool that lets reporters launch newsletters and charges for subscriptions and integration with existing features like Facebook pages and groups. In addition, Reuters reports that Facebook will strike multiyear deals with selected journalists, who can earn more money through subscriptions.

Last month, Facebook called the platform an option for “independent local journalists who are often the lone voice covering a given community.” It’s also competing with other self-publishing platforms — notably newsletter provider Substack. Substack launched a $1 million initiative called Substack Local in mid-April, saying it would select up to 30 local news reporters to receive one-year advances of up to $100,000. (Like higher-profile Substack Pro writers, these reporters will give up most of their subscription revenue for that year.) Applications for Substack Local close today.

Facebook announced a $5 million investment in local news programs last year. It’s also paid national news outlets to publish content on its social network. But with this effort, it’s building something closer to an in-house news platform rather than working with big outlets with an often ambivalent relationship with the company.

Zuckerberg sold $280M worth of Facebook stock last month

Thomas Burn is a blogger, digital marketing expert and working with Techlofy. Being a social media enthusiast, he believes in the power of writing.