Facebook Forgoes Another Ambitious Project To Focus Better On TikTok Competition - Meta Platforms (NASDAQ:META)

Meta Platforms, Inc 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.
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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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