Recently Google Pledged to pay $800 million to various sectors which have been hardly hit by Coronavirus outbreak. Now, Facebook have also come forward and pledged to pay $100 million in journalism sector, keeping in mind the importance of quality journalism.
Facebook have basically come forward to support accurate reporting and remove misinformation amongst the masses about the virus. Facebook will allot $25 million via Facebook Journalism Project which will be provided to local news authorities by grant funding.
The remaining amount of $75 million will be allotted by Facebook to global news organizations as “additional marketing spend”. Many leading news agencies across the globe have projected declining trend in their growth which is a major cause of concern. Facebook additional marketing spend fund will help these agencies to cope up better with this virus.
Facebook has pledged to grant these funds to the hardest hit countries publishers which includes leading economies like US and Canada. Company says it will allot $5000 to 50 local newsrooms which is active in Canada and US which will help newsrooms to cover the unexpected losses and costs which they suffered during this outbreak.
Facebook identified the critical need of accurate reporting at this time and decided to spend funds on quality reporting. Apart from this company had also invested $300 million in 2019 which it will spend in course of 3 years on content, programs and partnership.