Facebook Inc. has decided to invest $300 million in the U.S. local journalism over the next three years. The social media platform was criticized for harming news business on the global level, and currently, it wants to robustly answer the disapproval. Facebook said, by investing such funds in local news organizations we intend to get an opportunity to boost them for rapid growth. The company also said that the move will render a benefit to uplift civic engagement, as it shares a direct connection with a population who daily reads local news.
As per Facebook’s pre-planned objectives, the company is set to steer to focus more on funding models and earnings along with news distribution, and local news organizations. Basically, the social media platform wants to bolster the local news industry by offering work training to their journalists and to motivate those towns that had lost their effectiveness amid the Internet era. In partnership with AFP, Facebook has supported fact-checking projects worldwide. The company had taken steps to understand, what users are expecting to see on Facebook pages, but now it has concluded that until it offers remuneration for the content Facebook on its site, it would not see any special difference. Facebook has experienced all the problems, and excluded numerous responsible accounts, even though it has been failed to ban harmful users completely. While the company had deleted more than 1.5 billion fake accounts in November which were started back in June.
The company has also funded $6 million to a Community New Project in the U.K. who is working with a number of regional new organizations such as Newsquest, Reach, Archant, Midland, and JPI, and National Council for training and appointing trainee journalists in the local news organizations. Facebook is also endeavoring to assist us to form a quality content program that focuses to allure new advertisers, CEO of the Local Media Consortium, Fran Wills said about Facebook, who helms 80 news companies.
Brown has informed that the company will invest in two segments. Firstly it will support journalists and newsrooms in the news-gathering process, and further, boost the production of long-lasting business models. Additionally, it has affirmed to invest as much as $20 million to enlarge the Facebook Accelerator programme. The program aims to aid small publishers to most effectively use their subscription models and membership. Apart from that, it has pledged to invest at least $1 million in the American Journalism Project which intends to encourage venture philanthropy and local news companies.