Facebook announced that it will invest $300 million in local news organizations and initiatives over the next three years. It will put $20 of million of this towards its Facebook Accelerator program that helps publishers develop membership and subscription models. It will also invest $6 million for the UK based Community News Project, $5 million to the Pulitzer Center for its “Bringing Stories Home” initiative, and $2 million for the Report in America initiative that aims to place journalists in local newsrooms. Techcrunch looked at what the money means both for Facebook and the media industry.
As for why Facebook is focusing on local news specifically, Vice President of Global News Partnerships Campbell Brown said in a blog post that after examining “what kind of news people want to see on Facebook” and talking to industry partners, “We heard one consistent answer: people want more local news, and local newsrooms are looking for more support.”