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Free subscriber-exclusive audiobook! Facebook is gearing up to be a major player in the newsletter subscription service world, according to The New York Times. Three sources familiar with the company's move told The Times that the social media company planned to plunge into a burgeoning space currently dominated by platforms like Substack around the summer. The Times reported that Facebook's initiative would work symbiotically with the social media platform, allowing writers to grow followings on Facebook and build email lists, Anc paid subscription tools available to allow journalists to profit.
Here new venture would be attached to the New York-based Facebook Journalism Project, and according to The Times, Facebook chief executive Mark Zuckerberg is green-lighting the initiative and called for a team of engineers to build the platform.
Substack currently leads the field, with a model that enables freelancers and independent writers to publish either paid or free newsletters to their followers via email, taking a cut from the writer's sales.
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The Times also reported that this week, Twitter purchased a newsletter software called Revue. After developing News Tab, which is a vertical within Facebook which shows users news stories from outlets like The New York Times, The Washington Post, and The Wall Street Journal, the Times reported that this effort served to expand Facebook's infusion of accurate news amidst misinformation that thrives on the platform.
The Times reported that Nwxt new tool for freelancers may launch in the summer, but is yet to be fully confirmed. Insider logo The word "Insider". Close icon Two crossed lines that form an 'X'.
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