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Independent journalism in Europe faces mounting financial and political threats, but a new wave of mission-driven outlets is fighting back. The Journalism Value Project explored how independent media can survive and thrive, offering practical solutions and a vision for a healthy ecosystem.

The Journalism Value Project, run by and for non-profit independent media organisations, including members of Reference – the European Independent Media Circle, and Netzwerk Recherche, aimed to highlight the need to support independent public interest media in Europe and strengthen their financial sustainability. According to Peter Matjašič, former Executive Director of Investigate Europe, a consortium member, the project responded to the “rapid emergence of small, independent media outlets,” which are “countering the decline of traditional media and the rise of misinformation,” yet face serious financial and political pressures.

Through research, podcasts, stakeholder dialogues, and study visits, the project mapped the field, shared best practices, and engaged key stakeholders. It identified significant challenges which public interest journalism has to face in Europe. Journalists encounter violence, harassment, and surveillance, while restrictive laws and SLAPPs (Strategic Lawsuit Against Public Participation) silence critical voices. Economic pressure, precarious working conditions, and unsustainable business models further weaken independent outlets, especially at a local level. Media capture and political interference threaten editorial independence, while misinformation, amplified by generative AI, clickbait content, and attacks on journalistic integrity undermine public trust.

Despite some EU efforts, institutional support remains inadequate, and recent shifts in the funding landscape – the USAID funding freeze, changing priorities of some foundations, corporate funders abandoning fact-checking – have created a significant gap that threatens the sector’s sustainability.

What Independent Media Leaders Shared

As Matjašič stressed, the main lesson of the project was that independent journalism is “essential infrastructure for democracy,”; still it remains severely underfunded and exposed to both financial and physical risks. Many independent newsrooms operate with minimal resources and precarious business models, but a new wave of mission-driven, digital-native outlets is stepping in. These organisations demonstrate innovation, community engagement, and resilience, helping to fill the gaps left by declining legacy media.

Matjašič also highlighted that the project’s podcast series produced some of the most surprising insights through interviews with over 20 independent media leaders. These conversations revealed that partnerships with influencers opened new avenues for audience engagement and funding, often from non-traditional sectors such as science and innovation. “Reluctance among donors to support journalism often stems from its role in holding power to account,” he noted, adding that independent outlets have shown creativity in securing alternative support.

Peer learning during study visits was also a very important element of the project. Newsroom leaders shared experiences on membership models and newsletters, among other topics. As Matjašič said, this showed that there is a strong solidarity among independent outlets, and they are eager to share their experiences.

During the consultations and in the podcasts, media professionals from the Reference Circle stressed that sustaining independent journalism requires investment beyond editorial work, such as in subscription systems, CRM (Customer Relationship Management) tools, and community engagement. They highlighted the urgent need to improve journalists’ working conditions and financial security to maintain a skilled workforce and attract new talent. They also saw it essential to grow new audiences and reach underserved communities to expand both impact and revenue.

Stakeholder consultations echoed these concerns. Funders recognised journalism’s social value in combating misinformation, fostering transparency, and promoting social cohesion, but pointed out serious challenges such as distrust in media, misinformation, the lack of charitable status for journalism, and funding gaps.

Impact investors noted that public value and financial sustainability can complement each other, though public value is harder to quantify. Some investors prioritise journalism’s mission over profit, using patient capital to help outlets build resilience. At the same time, think tanks value independent media as partners who help translate complex research into accessible stories, though they recognise capacity limitations.

How to Build Resilient Newsrooms

The project outlined a series of recommendations to strengthen independent public interest media in Europe, focusing on financial sustainability, collaboration, advocacy, capacity building, and public engagement.

A key priority should be the shift from project-based to core funding, which, as Peter Matjašič explained, enables outlets “to focus on their mission, innovate, and build resilience,” whereas project funding restricts long-term planning and flexibility. He added that while some funders recognise the value of core, multi-year support, others are constrained by internal structures or legal restrictions.

Diversifying funding sources is also essential for financial resilience. According to Matjašič, relying on a single income stream leaves media outlets vulnerable. “Business models should be open, with a moral compass about where to accept money from,” he argued, adding that investing in business skills is vital for developing sustainable organisations. “This is where many outlets fail,” as journalists often don’t see these business skills as important and sometimes are even afraid of the word “management,” although they should not be. Without these skills, many journalist-founded outlets struggle to monetise their work or navigate legal and organisational necessities. Coaching in the handling of complex funding structures and managing sensitive information is equally important to help media outlets professionalise and become more resilient against financial and political pressure.

The project also highlighted the need to simplify application processes and refine impact measurement to ease the administrative burden on newsrooms. Collaboration across media outlets and sectors is another cornerstone of the recommendations, which encourage peer learning, resource-sharing networks, and partnerships with think tanks, whistleblowers, and civil society to amplify impact. The project advocates for better legal protections against SLAPPs and the recognition of journalism as a charitable cause across Europe, alongside the allocation of tax revenue to support journalism-focused NGOs.

Finally, fostering public trust and engagement is essential. Transparent editorial and business practices, alongside innovative audience engagement strategies such as live journalism and impactful storytelling, can build trust and increase audience revenue. Nevertheless, robust philanthropic support and thoughtful policy reforms are still essential to securing the future of independent journalism in Europe.

The Essentials for a Sustainable Media Sector

Matjašič emphasised that independent media organisations should balance financial sustainability with editorial independence, and they should seek funding that aligns with their mission rather than chasing money that influences editorial priorities. Transparency about funding sources is critical, as is maintaining clear boundaries with funders. Based on the lessons learned from the project, the Reference Circle – a network focused on non-editorial issues – will continue to advocate for more effective funding and provide opportunities for peer learning and knowledge exchange, he added.

As he argued, although “there is no silver bullet” for a healthy ecosystem, it would combine core funding, diversified revenue streams, and strong business skills among newsroom leaders, alongside collaboration across borders and sectors. Such an environment should be underpinned by legal protections for press freedom, charitable support for journalism, and high public trust built through transparency, engagement, and demonstrated social impact.