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.
