Social network Facebook will allocate $100 million to support news agencies that have suffered from the spread of coronavirus in the world. The company said in a statement released on Monday, March 30.
The funds will be allocated in the form of grants and spending on advertising, revenues from which decreased due to the spread of the disease. $25 million will be transferred to local publications under the Facebook Journalism Project, while the remaining $75 million will be transferred to news organizations around the world.
Facebook stressed that more than ever, journalism is needed nowadays. According to the social network, some of the funds have already been transferred to 50 news agencies in the U.S. and Canada.
Earlier, on March 25, video hosting YouTube announced that it would reduce the default video quality settings to facilitate traffic as coronavirus spreads.