Home Blog Terms & Conditions Privacy Policy

Adstoppi Blog | Facebook invests $100M in journalism as COVID-19 makes it more vital than ever

Published by:


Facebook has pledged to invest $100 million in the news industry at a time when the ongoing coronavirus pandemic means that accurate reporting is more important than ever. $25 million will be provided in grant funding for local news through the Facebook Journalism Project, while the remaining $75 million will come in the form of "additional marketing spend" to worldwide news organizations.

Publishers are expected to be hit hard by the economic fallout of the novel coronavirus outbreak. The advertising revenue that many publishers rely on is being squeezed, as companies slash marketing budgets amidst financial uncertainty. Research firm eMarketer has lowered its growth projections for worldwide media ad spend by 3 percent, SearchEngineLand reports, while Reuters has reported that the virus could cost the US advertising industry billions of dollars in lost revenue.

At the same time, high-quality and accurate reporting is more important than ever, as misinformation about the virus spreads online. "If people needed more proof that local journalism is a vital public service, they're getting it now," Facebook says in its press release. The company has pledged to do its bit to remove the misinformation that's posted on its platform, but the crisis is also putting pressure on its own moderation teams. There is so much misinformation that one fact-checking organization, Snopes, has been forced to scale back its routine content production or else risk overwhelming its staff.

Facebook says that it plans to concentrate its grants on the publishers that need them the most in the hardest hit countries in the world. It announced the first series of grants last week, when it said that it would be giving $5,000 to 50 local newsrooms across the US and Canada to cover "unexpected costs" associated with covering the viral outbreak.

The $100 million comes in addition to the $300 million Facebook pledged to spend on news programs, partnerships, and content at the beginning of 2019. Facebook said it planned to invest that $300 million over the course of three years. Later that year it launched a program to help local news organizations boost digital subscriptions, and also announced plans to spend 4.5 million on training local journalists in the UK.

Facebook says that usage of its services including private messaging and video calling are surging during the pandemic, as people self-isolate and connect with distant friends and family. However, Facebook is also seeing the same reduction in ad spending as other online businesses. "Our business is being adversely affected like so many others around the world," it said in a blog post.

Source: https://www.theverge.com/2020/3/30/21199358/facebook-investment-journalism-grants-100-million-dollars-advertising-spend

Recent Post

LG and Sony are struggling to sell smartphones

Published by:

Both Sony and LG sold far fewer smartphones last quarter than they did the previous year, according to earnings releases from the two companies. LG reported that sales from its smartphone division declined by 21 percent compared to the same quarter the previous year, while Sony’s dropped by almost 30 percent. LG blames “slow sales of 4G premium models and intense market competition in mass-tier products” which dragged down its results in spite of the launch of its first 5G phone, the LG V50. Meanwhile, Sony reduced its annual forecast for smartphone sales from 5 million to 4 million units for this year, according to Bloomberg. These declining numbers are especially concerning given the high profile launches we’ve seen from both companies during the reporting period. Sony released...

If you’ve been following phone news even a little bit, you know that Samsung’s flagship, stylus-equipped Galaxy Note 10 is coming August 7th. You know it’ll have 5G, and you even have a decent idea what it looks like thanks to these estimated renders from June. But now, we may be getting our best look at the Galaxy Note 10 — the first official photos of the phone have reportedly leaked out. The images come from both the typically reliable Roland Quandt at WinFuture and MySmartPrice contributor Ishan Agarwal, so we’ve got little doubt they’re legit. And if so, they reveal that Samsung plans to not only produce the Galaxy Note 10 in black, but also an attractive, shiny blue-purple pearlescent color scheme that’s a dead ringer for the Huawei P30 Pro. Interesting. As rumored...

Accounting Ethics

Published by:

Accountants at some point in their careers will find themselves having to determine whether their situation is ethical or not. Professional ethics is an essential facet of an accountant's job. As an accountant, you have the dedication to every customer to establish competence, confidentiality, integrity, and credibility. Competence is the place you must show a degree of professionalism in addition to developing the knowledge and skills you might need as an accountant. Confidentiality is whenever you as an accountant should maintain information confidential unless authorized or legally obliged to release customer information. Integrity is whenever you must communicate with the partners to avoid any conflict of interests. Finally, there's credibility which is whenever you must communicate...

Lenovo shows off the world's first foldable PC

Published by:

Folding phones are already being pitched as the next big wave of tech, and whether or not that turns out to be true, the industry has no plans to stop there. Lenovo has just announced what it says is the world's first foldable PC: a prototype ThinkPad that iterates the foldable tech we’ve already seen from phones on a much bigger scale. It’s not just a cool tech demo, either: Lenovo has been developing this for over three years and has plans to launch a finished device in 2020 as part of its premium ThinkPad X1 brand. The goal here is a premium product that will be a laptop-class device, not an accessory or secondary computer like a tablet might be. Cool factor aside, though, why build a folding PC? The answer is largely portability. Conceptually, it's the opposite of what most of the...

Researchers at MIT have developed a plane capable of flying without any moving parts, reports MIT Technology Review. The feat was achieved using electro-aerodynamic propulsion, which uses a pair of electrodes to push around ions and create ionic wind. The phenomenon has been known about since the 1960s (in fact, Apple even considered using it to cool its laptops back in 2012), but this is the first time it’s been used to propel a plane. That said, this ‘plane’ is an uncrewed model weighing just 2.45 kilograms. Scaling it up to the size of commercial aircraft would give it numerous safety, noise levels, maintenance, and environmental benefits over traditional planes, but doing so comes with enormous challenges. For one, the battery required to supply the necessary 40,000 volts the...

Nielsen Media Research has released its ratings for the latest season of Netflix’s Stranger Things, showing that ratings for the third season over the first four days of release were significantly higher than for the second season. Those numbers back up Netflix’s assertion that the show broke records, although they highlight the differences in how both companies measure their audiences. On Monday, Netflix announced that at least 40.7 million accounts watched the series since its premiere on July 4th, “more than any other [Netflix] film or series in its first four days.” The company said 18.2 million of those accounts had already finished the entire season. The company counts a “view” as an account finishing at least 70 percent of an episode or film. Nielsen has produced...

The G20 Summit wrapped up today in Japan, during which US President Donald Trump met with Chinese President Xi Jinping. Following their meeting, Trump announced that the two countries would resume trade talks and that the US would hold off on implementing new tariffs indefinitely. He also indicated that US companies would be permitted to resume sales to Huawei, although it’s unclear when or how that will happen. In May, Trump signed an executive order that allowed the US government to block sales by US companies to foreign firms deemed a security risk. It’s not immediately clear what — or if any — steps have been taken to lift the restriction on sales to the beleaguered Chinese technology company. According to The Washington Post, Trump told reporters that he will be meeting with...

Netflix has become the first streaming service to join the ranks of the Motion Picture Association of America (MPAA) Tuesday, Hollywood’s most powerful lobbying group, according to The Hollywood Reporter. It’s the first time an internet-based, non-studio has been granted membership to the 97-year-old trade association which represents six legacy Hollywood studios — all of whom endorsed the streaming company’s new membership. “On behalf of the MPAA and its member companies, I am delighted to welcome Netflix as a partner,” MPAA’s CEO Charlie Rivkin said in a statement. “All of our members are committed to pushing the film and television industry forward, in both how we tell stories and how we reach audiences. Adding Netflix will allow us to even more effectively advocate for...

Democrats in Congress are considering a new bill that would stop Facebook’s cryptocurrency plans in its tracks. Dubbed the Keep Big Tech Out of Finance Act, the new bill would explicitly ban large platform companies from performing banking functions. The bill would be a direct rebuke to Facebook’s plans with the Libra cryptocurrency, which would likely have to be severed from the company if the bill were introduced and passed. The bill has not yet been introduced to Congress, and as a result, its contents are far from final. Still, it has been the subject of significant interest as representatives from Facebook appear before the House Banking Committee on Wednesday. The Verge obtained a draft copy of the bill that was circulated for discussion. The text of the bill says simply “A...

The Chinese government has ordered ByteDance to take down its Feishu workplace messaging tool from app stores in China for a month because it let users access posts from Facebook and Twitter, which are banned in the country, Bloomberg reported. ByteDance, which also operates the social media app TikTok, developed Feishu as an internal app, then marketed it for business use in 2019. An international version of the app, called Lark, launched in April 2019 and is still operating in markets like Japan and Singapore. Feishu has become popular in China during the coronavirus pandemic as people continue working from home. Bloomberg describes the app as a combination of Slack, Skype, and Google Docs. In China, Feishu competes with Alibaba's DingTalk and Tencent's WeChat. Last month, the much...


Login Join Now