- Meta Platforms, Inc (NASDAQ:META) owned Facebook shuttered its Bulletin subscription service, ending its attempt to compete with Substack and other newsletter services.
- Meta informed the writers regarding its plans to wound down the Bulletin platform by early next year, the New York Times reports.
- Meta will refocus resources from Bulletin to work on its discovery algorithm, a key point of interest for the company as it attempts to keep up with TikTok, TechCrunch reports.
- Also Read: Meta Retracts From AR Glasses Project Shortly After Dumping Smartwatch Project
- Though its Instagram platform has tried to convert to a feed with more algorithmically suggested content, it failed to gain traction. Despite this feedback, Meta continued with its plans to master algorithmic discovery.
- The program began in June 2021 to attract independent writers looking to mimic Substack’s success of enticing writers to build their newsletter brands.
- Bulletin began with a group of established writers, high-profile names, and up-and-coming writers. It also supported local news writers through a $5 million commitment.
- The contracts, some of which were for two years and go into 2024, will be paid in full. The writers can take their content and subscriber lists with them.
- Meta had previously specified that it would not take a cut of subscription revenue “until at least 2023.”
- Meta decided to close one of its offices in New York after scaling down its expansion plans in the city.
- The planned closure comes as Meta CEO Mark Zuckerberg seeks to reorganize teams and reduce the social media company’s headcount.
- Price Action: META shares traded lower by 3.30% at $135.65 on the last check Wednesday.
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Gainers
Near Intelligence, Inc. (NASDAQ: NIR) shares rose 34.1% to $0.2801 in pre-market trading after falling 42% on Wednesday. Near Intelligence recently named its General Counsel, Jay Angelo, to also serve as the company’s Chief Privacy Officer.
