Today's journalists work in a rapidly changing environment with many opportunities and challenges. As Adam Thomas points out, "The clamor for the philanthropic attention of Europe's foundations is intensifying," one significant problem is the fierce competition for philanthropic funding. As a result, charities are looking for novel sources of funding.
A notable opportunity lies in direct engagement with high net-worth individuals. “We’ll see more awards, more galas, more charity dinners,” predicts Thomas, highlighting the shift towards relationship-building over traditional proposal writing. Additionally, creating digital products and technology solutions offers potential for new income sources. Inspired by successes like Correctiv’s editing AI, Thomas suggests, “Nonprofits may choose...to invest in proprietary technology solutions.”
Advertising also presents a renewed opportunity. Thomas reports, “In the U.K., ad revenue accounted for 52% of revenue for independent media in 2023.” This resurgence is driven by brands preferring to work with smaller influencers in credible editorial environments.
But seizing these chances calls for a calculated approach. "Nonprofits need to develop a smart, intentional revenue strategy," writes Thomas in his conclusion. The article "Wait, I Have to Pay to Donate to You" by Liz Brody examines how, in the face of declining donations and antiquated fundraising techniques, nonprofits are embracing for-profit tactics to increase their impact.
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