- According to The New York Times, Facebook could be joining a flourishing newsletter app space by the summer.
- The Times stated that with the social media site, Facebook’s initiative will operate symbiotically.
- The service, which could be released in the summer, is set to compete with Substack, the industry leader.
According to The New York Times, Facebook is gearing up to be a big player in the newsletter subscription service world. Three sources familiar with the company’s move told The Times that around the summer, the social network company was preparing to dive into a burgeoning area currently dominated by sites such as Substack.
The Times stated that the initiative of Facebook will function symbiotically with the social media site, enabling writers to develop Facebook follow-ups and create email lists, with open paid subscription tools to encourage journalists to benefit. The new Facebook company will be linked to the Facebook Journalism Project located in New York, and Facebook chief executive Mark Zuckerberg is green-lighting the plan, according to The Times, and called for a team of developers to develop the platform.
Campbell Brown, Facebook’s vice president of global news partnerships, told The Times, We want to do more to support independent journalists and professionals who create online businesses and audiences, We are exploring ways to help them benefit from the news products we have created, such as Facebook news and subscriptions, while also developing new tools to supplement what journalists already find useful.
Substack currently leads the market, with a model that allows freelancers and independent authors to publish via email to their fans, either paid or free newsletters, taking a cut from the sales of the writer. The Times also announced that a newsletter service called Revue was purchased by Twitter this week.
The Times reported that this initiative helped to increase Facebook’s injection of factual news in the midst of disinformation that thrives on the site after creating News Tab, which is a vertical within Facebook that shows users news reports from outlets such as The New York Times, The Washington Post, and The Wall Street Journal.
A $100 million donation to local news publishers was announced by Facebook during the pandemic. The Times claimed that the new tool might be released in the summer for freelancers, but it has yet to be completely verified.