Google announced its commitment to invest $1 billion to pay news publishers to create and curate high-quality content to provide a different kind of experience to readers.
The tech giant’s financial commitment will also support its new product called the “Google News Showcase.
In a blog post, Alphabet (NASDAQ: GOOG, GOOGL) and Google CEO Sundar Pichai wrote that he has “always valued quality journalism” and he believes that “a vibrant news industry is critical to a functioning democratic society.”
According to him, Google implemented a number of measures to support the news industry including sending 24 billion visits to news websites worldwide every month and committing $300 million to the Google News Initiative, which aims to build a stronger future for journalism.
The tech giant also provided emergency funding for local publishers around the world to help them cope with the impact of the COVID-19 pandemic. Its Digital Growth Program is designed to help small and medium-sized publishers to quickly expand their business.
