Facebook Inc will set aside $ 5 million in payouts to local journalists through its new publishing platform to help freelance writers reach audiences and make money through social media.

The move is part of Facebook's response to the email newsletter trend, led by platforms such as Substack, as it targets reporters who are often the only voice covering the community, the company said.

The publishing platform, which Facebook announced last month, will integrate with Facebook pages and include a free self-publishing tool that allows journalists to send out newsletters or create their own websites.

Freelance journalists in the United States can apply to participate in the program starting April 29, with priority given to reporters who plan to cover black, indigenous, Hispanic, Asian, or other colored audiences in locations with no news sources.

Journalists will be able to earn extra money from publishing stories using Facebook's tools, starting with a subscription, and everyone can set their own price, the company added.

The rise of paid newsletters has shaken the media market as well-known journalists from titles such as the New York Times and Vox Media have left to work independently on platforms such as Substack and Patreon.

This month Substack announced 'Substack Local' - a $ 1 million program that allows up to 30 local reporters to build their own subscription-backed business.