According to Facebook, he builds his own newsletter tools The New York Times. The social network is reportedly working on the initiative to provide more services to independent writers and journalists as part of the Facebook Journalism Project. It is still at a very early stage, but NYT’s sources said the tools may contain features similar to those of other newsletter services. This means they can include features that writers can use to collect emails, manage paid subscriptions, and help them grow their followers on Facebook.
The newsletter industry has grown steadily over the past few years, but last year it blew up when many writers and journalists started their own after COVID-19 affiliates left many people unemployed in all industries. Substack, founded in 2017, is one of the key players. It boasts 250,000 paying subscribers in its network and a list of top 10 publishers who will bring in a total of $ 7 million in annual revenue from September 2020. It is therefore no surprise that massive companies like Facebook want to take action. Another social network entering the newsletter industry is Twitter, but prefers to acquire a well-known newsletter service called Revue instead of developing its own.