Social media giant Facebook has pledged to donate $100 million to various news organizations across the world in the wake of the coronavirus pandemic affecting ad revenues very badly. In INR terms, the size of the donation amounts to Rs 750 Cr.
“The news industry is working under extraordinary conditions to keep people informed during the COVID-19 pandemic. At a time when journalism is needed more than ever, ad revenues are declining due to the economic impact of the virus.
Local journalists are being hit especially hard, even as people turn to them for critical information to keep their friends, families, and communities safe,” a statement by Facebook’s news partnerships department says.
“Facebook announced that it would dole out $25 million in grants to local news outlets. It will also spend $75 million in a marketing drive aimed at news organizations internationally in response to the economic downturn prompted by the coronavirus,” New York Times has reported.
Thousands of companies across the world have cut their ad budget because of the economic slowdown caused by the pandemic.