Explanation of Faithlife

Can someone give me a one paragraph summary of what faithlife is? It looks like a social media platform with an integrated Study Bible. 

You're pretty close. It's not one product.  It's a branding.

faithlife.com is a social media platform for churches.

The Faithlife Study Bible is a set of resources (study bible notes ,bible dictionary, images and media) produced by Logos, and it can be obtained either at faithlifebible.com or as a part of the new L5 base packages.

The Faithlife Study Bible app for iOS and Android is a customized version of the Logos app that is focused on helping the user use the Faithlife Study Bible resources, but can also display regular Logos resources too.

All of the Logos applications (desktop and mobile) now integrate with the faithlife.com social media site to provide community Bible study features like community notes.

Can someone give me a one paragraph summary of what faithlife is? It looks like a social media platform with an integrated Study Bible. 

You're pretty close. It's not one product.  It's a branding.

faithlife.com is a social media platform for churches.

The Faithlife Study Bible is a set of resources (study bible notes ,bible dictionary, images and media) produced by Logos, and it can be obtained either at faithlifebible.com or as a part of the new L5 base packages.

The Faithlife Study Bible app for iOS and Android is a customized version of the Logos app that is focused on helping the user use the Faithlife Study Bible resources, but can also display regular Logos resources too.

All of the Logos applications (desktop and mobile) now integrate with the faithlife.com social media site to provide community Bible study features like community notes.

That is a good explaination.  I would add that Faithlife.com is also great for small groups, class rooms, Bible Studies, Family groups, etc... not just churches.