At the International Journalism Festival (IJF) in Perugia this year, journalism funding and sustainability took centre stage. International funders, media leaders, and innovators grappled with the urgent question of how to keep independent journalism not just alive—but thriving—in an era of shrinking resources, shifting donor priorities, and rapid technological disruption. This roundup highlights key takeaways that emerged from the festival’s funding-focused conversations.
Author: Communications Gfmd | 6. May 2025
1. Decentralising Media Support for the World’s Majority
Hosted by Report for the World and supported by FT Strategies, the event was structured as a series of concise 20-minute talks and delved into topics such as the significance of regional journalism hubs, strategies for innovation and revenue generation in public interest media, the importance of equitable local-global collaborations, and the experiences of media operating in conflict zones.
Key Takeaways:
Collaboration is crucial: Collaboration accelerates innovation—media organisations sharing strategies can “fast-track” each other’s success.
Audience engagement: Staying relevant by specialising content and meeting audiences where they are is essential, especially with the rise of individual creators.
Sustainability through technology: While AI and new technologies can reduce production costs, there’s a need to balance innovation with the risks of commoditisation.
Watch the full session:
2. From Funding Crisis to Opportunity: Ideas and Solutions in a Post-USAID Landscape
The session organised by the European Journalism Centre brought together media leaders (including GFMD’s Executive Director Mira Milosevic) to address the challenges faced by independent journalism following the reduction of USAID funding. The discussion was not just a diagnosis of journalism’s funding crisis but also a rallying call to rethink the infrastructure of public interest journalism—from collaboration and advocacy to audience engagement and tech equity.
Key Takeaways:
Journalism as a public good: There’s a pressing need to recognise journalism, especially investigative reporting, as a public good requiring sustainable funding.
Long-term support over project grants: Providing core support helps newsrooms thrive beyond the limitations of project-based funding.
Innovative support structures: Initiatives like ICFJ+ aim to bolster smaller media organisations by enhancing their infrastructure and capacity.
Watch the session:
3. Journalism or Public Interest Information? The Funder’s Next Frontier
In this session, foundations from various philanthropic sectors—including media, banks, financial institutions and — explored the evolving role of their funding strategies, debating whether the next frontier lies in supporting traditional journalism or expanding into broader public interest information.
Key Takeaways:
Balanced funding models: A mix of public and private funding is essential to foster diverse and independent journalism.
Taxing Big Tech: Implementing taxes on large tech companies can ensure they contribute fairly to the media ecosystem.
Media plurality: Ensuring a variety of media voices is vital to hold power to account and maintain democratic societies.
Watch the session:
4. Impact Investing: A New Frontier for Journalism Funding?
Organised in association with Center for International Media Assistance, the panel on impact investing explored how this funding model can drive capital into the journalism industry and reshape business models. It examined both the demand side—how to build investable media enterprises—and the supply side—identifying the financial tools best suited to support news outlets across diverse political and geographical landscapes.
Key Takeaways:
Blended capital approaches: Combining financial returns with positive social outcomes can attract new investors to journalism.
Clear financial strategies: Media outlets need robust financial plans and a clear mission to appeal to impact investors.
Ownership models matter: Exploring new ownership structures can lead to more sustainable and independent journalism.
Watch the session:
5. What Do Journalism Funders Want—and Why Are They So Focused on Business Models?
This panel explored the structural crisis facing the news media industry, with a particular focus on the fragile state of public interest journalism and the uphill battle faced by both legacy and emerging independent outlets. It offered a rare behind-the-scenes look at funding strategies and provided practical advice for building sustainable, long-term partnerships.
Key Takeaways:
Leadership support: There’s a need for mentorship and programs to prepare boards and leaders in journalism organisations.
Diversifying revenue streams: Exploring avenues like podcasts and events can provide additional income sources.
Transparency with funders: Open communication about needs and challenges fosters better relationships with funders.
Watch the session:
6. Philanthropy, Non-Profit Local News, and Established Media Organizations: A New Way to Think About Supporting News Ecosystems
This panel addressed the crisis of disappearing local news outlets and the broader implications for informed, engaged communities. Larger, established news organizations were highlighted as key players in this effort, offering scale, expertise, and shared services to bolster local initiatives.
Key Takeaways:
Innovative ownership models: Exploring new ownership structures can lead to more socially efficient media organisations.
Foundation investments in for-profit models: There’s a growing interest in foundations investing in for-profit media while ensuring civic-mindedness.
Challenges for exile media: Exile media face unique challenges, but reducing operational costs and decentralizing can offer solutions.
Watch the session:
7. Journalism Intermediaries: In the Way or Here to Stay?
Organised in association with the Public Interest News Foundation, this panel revisited the provocative 2022 critique by Richard Tofel, who questioned whether journalism intermediaries—organizations that support newsrooms through resources, networks, and training—were drawing too much philanthropic funding away from actual journalism. Three years on, the discussion examined whether these intermediaries have proven their value within the global media ecosystem.
Key Takeaways:
Advocacy and support: Intermediaries play a crucial role in advocating for journalism and securing public funding.
Skill development: They help equip journalists with essential skills like financial sustainability and cross-border strategies.
Maintaining editorial independence: Acting as a firewall between donors and newsrooms ensures unbiased reporting.
Watch the session:
8. Where’s the Money?
Organised in association with International Media Support, this panel tackled the deepening economic crisis facing journalism globally, with a focus on media in the majority world—Latin America, the Middle East, Africa, and Asia. Drawing from a two-year regional study, four media experts shared contextual insights into emerging funding models and investment approaches for sustaining public interest journalism.
Key Takeaways:
Shared services: Implementing shared tech and administrative solutions can reduce costs and increase sustainability.
Flexible funding models: Grants with fewer restrictions allow organizations to cover essential costs effectively.
Leadership development: Investing in leadership is crucial for the long-term viability of media organizations.
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9. Democracy Defenders: A Conversation with Funders Investing in Independent Journalism
Organised in association with Media Impact Funders, this panel brought together leading journalism funders to discuss how philanthropy can effectively defend press freedom amid growing authoritarianism and global polarization. With attacks on independent media intensifying across continents, the conversation focused on strategic investments to counter disinformation, support high-quality reporting, and amplify diverse voices.
Key Takeaways:
Beyond financial support: Funders should offer strategic guidance and collaboration to build robust media ecosystems.
Combating disinformation: Investments are needed to support quality news and ensure diverse voices are heard.
Long-term investments: Sustained funding is essential to protect media independence and democracy.
Watch the session:
As the 2025 International Journalism Festival made clear, the future of independent journalism depends not just on surviving today’s crises, but on reimagining what sustainability means in a rapidly changing world. Whether through impact investing, local-global partnerships, or bold experiments in funding models, the message was consistent: journalism needs long-term, flexible support, rooted in trust and shared purpose.
If funders, newsrooms, and intermediaries can work together across borders and sectors, there’s real potential to build a resilient media ecosystem—one that serves the public good and holds power to account in even the most difficult environments.
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