What you need to know
- Facebook is launching a subscription-based newsletter that is very similar to Substack.
- Creators will be able to keep all of their subscription revenue for the time of their partnership.
- Creators will also have ways to connect with users more with tools to help understand their audience.
Facebook wants to take on Substack by launching its version of a subscription newsletter called "Bulletin."
The company announced the new product on June 29, which will allow writers to publish free and paid newsletters that can be posted on the internet and also sent to subscribers. These newsletters can also be shared on Facebook, the company said in a blog post.
Facebook says that it will allow writers to keep all of their subscription revenue for the time "of these partnerships, and will have the ability to take their subscriber lists and content with them."
It noted that payments will be handled by Facebook Pay, which will let subscribers pay with a credit card, debit card, or through PayPal.
Writers will have access to analytics tools that will help them understand their audience so they can grow it over time, Facebook noted.
The social media giant also noted that writers will have a "standalone website under their own brand, and will be able to customize their publication's name, logo and color palette."
During a call in a Live Audio room, CEO Mark Zuckerberg said that the platform is "focused on empowering independent writers, helping them reach new audiences and power their businesses."
He added that Bulletin will help Facebook's mission to "support eventually millions of people doing creative work."
Fidji Simo, head of the Facebook app, said in a post on Facebook that Bulletin will be free for creators until 2023. She added that the platform will also give the creators the ability to build "more opportunities to foster deeper connections with their audiences, like the ability to create free or subscriber-only Facebook groups."
The Verge reported that Facebook has signed up Malcolm Gladwell, Tan France, and Erin Andrews, among others to cover different topics like sports, finance, science, and medicine.