2024 was the year when the industry finally admitted that silver-bullet revenue solutions don’t exist. Advertising alone isn’t enough, membership models are promising but require scale and resources, and philanthropic giving — while growing — is finite.

And so we’ve seen the rise in Europe of media-adjacent businesses. We’ve been delivered remarkable case studies in the form of the Manchester Mill’s growing direct relationship business, Zetland’s translation tools and expansion into Finland, the Meal Planning media business in Romania, Awe Marketplace (an alternative, cross-continent advertising ecosystem), and Mensagem de Lisboa’s local community-focused newsroom.

The journalism support industry has shifted in response through (relatively) new players such as Reference Circle, the Solutions Journalism Network, Media Forward Fund, and Report for the World in order to try and share and catalyze these ideas.

But despite all these remarkable case studies and support programs, one critical question remains unanswered: Where is the capital to help journalism organizations start, survive, and thrive? Because without it, even the brightest initiatives risk fizzling out before they can fulfil their promise. Startup capital is not just an enabler — it’s a multiplier. Even small injections of capital can be transformative, providing organizations with the freedom to experiment, hire talent, and develop the products and services needed to grow sustainably.

While philanthropy and the European Commission has addressed some of this need over the past decade, it’s not enough. The demand far outstrips the supply. Bootstrapping is of course possible, but not ideal. When even pioneering, beloved newsrooms like Decât o Revistă, which ceased activity in 2023, struggle to make ends meet, we need to pay attention.

No, to scale innovative solutions and address the deepening crisis in quality and local journalism, access to new sources of start-up or seed funding is essential. It’s 2025. Impact investment has entered the chat.

When I talk to journalists, they bemoan the lack of capital. But when I talk to investors, they bemoan the dearth of investment-worthy media businesses.

Impact investment is the allocation of capital to organizations or projects that aim to deliver measurable social or environmental benefits alongside modest financial returns. The potential upside, as folks with money like to say, is huge. Impact investors have transformed sectors like cleantech, where innovative financing models have turned what once seemed impossible into billion-euro opportunities (the EU saw €16.7 billion invested in cleantech in Q1 of 2024 alone). What if journalism could unlock even a fraction of this?

This year, I helped to secure three impact investments for organizations I’m advising. But it was far from easy. That journey helped me understand that the issues are as much with the demand, as they are the supply.

Impact investment has largely avoided journalism up to this point because, let’s be honest: Attracting investors to journalism isn’t easy. Media is often seen as high-risk and tough-to-scale with uncertain returns. There’s limited data on successful exits, and the sector’s societal value is poorly understood by traditional investors (or poorly communicated by journalists). Journalism is viewed as an uninvestable niche information product rather than an essential public service. On top of that, the financing models rarely fit the unique challenges of media organizations and products, where the value is long-term and intangible.

My prediction for 2025 is that this will change. Great work from organizations like V-Ventures, Karma Capital, and Media Development Investment Fund (especially with their media impact bond collaboration with Pluralis & GLS Bank), has already begun to turn systemic barriers to media investment into new opportunities without cannibalizing existing capital.

I predict we’ll see more dedicated funds providing diverse early-stage capital to media entrepreneurs, particularly those from historically underserved communities. I predict the emergence of more impact-focused angel investors, venture funds, and intermediaries supporting purpose-driven media. I predict new networks channelling expertise from seemingly adjacent sectors like climate justice and social housing into journalism, building trust and capacity. I predict alternative deal structures — such as revenue-based financing, outcome-based financing, equity grants, concessionary loans, and even community impact bonds, will offer flexible pathways to growth.

The demand side of this equation — creating investable media businesses — will also evolve significantly in 2025. We will see more media organizations embracing hybrid profit-and-purpose structures like B Corporation status. Inclusive leadership initiatives will further reshape the media landscape, proving that diverse teams attract audiences and investors alike. Media organizations will master the art of storytelling—not just in their content, but in presenting their value proposition to funders. Clear benchmarks tied to Sustainable Development Goals, democracy, and community engagement will give investors the confidence they’ve been waiting for (perhaps using the brilliant new Civic Information Index to do so).

The path is not without challenges. Balancing societal benefits with financial targets is difficult, and media organizations require greater capacity-building to develop the acumen needed to succeed. Investors often expect returns of 5% to 7%, balanced with significant social impact, placing pressure on journalism non-profits to build the revenue models and attract the talent to deliver both.

Journalists and investors must resist the pressure to only think in terms of bigger, faster, or more — investment cannot come at the expense of communities or editorial standards. Real growth happens when we prioritize sustaining meaningful relationships and transferring knowledge over chasing scale for its own sake. (Sidebar:My most popular YouTube video this year was about degrowth in journalism.)

If we can overcome these challenges, 2025 will be the year impact investment finally enters the conversation around journalism sustainability in a meaningful way — just as we’ve seen with philanthropy over the past decade.

The result? Somewhere in the future, beyond 2025, a flourishing landscape of adequately financed, equitable media enterprises will deliver impactful content, serve diverse communities, and achieve financial independence. Media investment will no longer be seen as high-risk but as a vital pillar for democracy and inclusion. Together, investors and founders will unlock new capital by proving that mission-driven journalism isn’t just a worthy cause — it’s something to invest in.