Newsletters have lately exploded in popularity, giving independent writers a platform to make money via a subscription model without being on the payroll of a publication. One of the biggest success stories in the domain is Substack. It now appears that Facebook plans to capitalize on the rise of newsletters and is planning newsletter tools of its own for writers and journalists, baked into its own vast social media network for reach and discovery.
“Facebook is working on newsletter tools for journalists and writers, according to three people familiar with the company’s plans, a move toward offering more services to independent writers as the social network jumps into the fast-growing newsletter space,” says a report by The New York Times.
Facebook's newsletter platform will offer paid subscription tools too
Facebook’s newsletter solution, which is still in its early stages of development, will allow journalists and writers to build a follower base on Facebook and creating an email list. Additionally, the social media giant’s newsletter tool will also offer a paid subscription model to let writers make money from their work, and most likely, Facebook will take a cut for providing them a platform.
The newsletter initiative reportedly falls under the aegis of the Facebook Journalism Project, and that CEO Mark Zuckerberg is optimistic about the new endeavor after witnessing a surge in the popularity of newsletters. However, it is unclear when Facebook’s newsletter tools will go live, and the company is yet to develop a system for bringing journalists and authors onboard its latest initiative.
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Twitter is also entering the domain with its acquisition of Revue
“We’re exploring ways to help them benefit from the news products we’ve built, like Facebook News and subscriptions, while also building new tools to complement what journalists already find useful,” Facebook’s VP of Global News Partnership, Campbell Brown, was quoted as saying regarding the premise of its newsletter project. However, Facebook won’t be the only social media platform trying to cash in on the popularity of newsletters, as Twitter is also jumping the bandwagon with its acquisition of Revue earlier this week.