On Tuesday, Facebook Inc (NASDAQ: FB) announced the debut of Bulletin, a much-anticipated online platform for independent writers to post free and paid articles and podcasts, which will compete with Substack.
What happened was this: Bulletin will provide independent content creators who make a living by engaging directly with their readers with a set of publishing and subscription tools to distribute and sell material, according to the social media giant.
Substack provides a platform for writers and journalists to publish their work on their own website with their own branding, while also paying them to create content.
Bulletin makers will have their own website with their own brand and will be able to set their own membership fees, according to Facebook. Facebook Pay will handle subscription payments.
In addition to long-form writing, Bulletin will offer methods for distributing podcasts, including externally hosted podcasts and other audio features coming soon.
Why It Matters: Facebook’s news platform is another another attempt to get into the media industry. Furthermore, Facebook and other social media businesses are vying for user loyalty with a variety of features and incentives.
The Menlo Park, California-based company’s latest service is being viewed as an attempt to woo content creators, particularly writers and journalists, who have flocked to Substack, Microsoft Corp (NASDAQ: MSFT)-owned LinkedIn, and Twitter Inc (NYSE: TWTR)-owned Revue to receive newsletter-driven content delivery.
Also see: What You Should Know About Facebook’s ‘Live Shopping Fridays’
Following the success of social-audio app Clubhouse, companies such as Facebook, Twitter, and LinkedIn hurried to create their own audio social networking apps.
Price Changes: On Tuesday, Facebook shares fell 1.05 percent to $351.89, a loss of $1.05 per share.
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