Changes in the political, technological, social, and business environments have jeopardised sustainability and, thus, the independence of journalism and news media worldwide. With the COVID-19 pandemic and the Russian invasion of Ukraine exacerbating the crisis, the next few years will be pivotal for the future of journalism. While still an important part of the revenue mix, digital circulation revenue will not fill the void left by the decline in advertising. Existing subsidies and support mechanisms are deemed insufficient to address market failure and a lack of local reporting, as well as to maintain journalism as a public good. The incentives and economies-of-scale model pursued by digital platforms disadvantage quality news and journalism. There are currently no well-established market mechanisms that convert the social value of professional, accountable journalism into a monetary return for news media. Independent professional journalism risks becoming an expensive luxury rather than a universal public good in the absence of new public funding, regulation of digital markets, and international support systems for non-profit media.