Facebook is building its own newsletter tools, according to The New York Times. The social network would work on the initiative to offer more services to freelance writers and journalists as part of the Facebook Journalism Project. It is still in its very early stages, but NYT According to some sources, the tools could have functionality similar to those of other newsletter services. This means that they could include features that writers could use to manage emails, manage paid subscriptions, and help them grow their followers on Facebook.
The newsletter industry has grown steadily in recent years, but it exploded last year when many writers and journalists started their own after the COVID-19 lockdown, many people from all walks of life are out of work. Substack, founded in 2017, is one of the major players. It has 250,000 paid subscribers on its network and a list of the top 10 publishers generating a total of $ 7 million in annual revenue. from September 2020. So it’s no surprise that massive companies like Facebook want to join in on the action. Twitter is another social network entering the newsletter business, although it has chosen to purchase a well-known newsletter service called Revue instead of developing its own.