How do hyperlocals get funding?
Funding is an ongoing pressure on journalism as a whole – regardless of the size of the publication. From The Independent print publications closing down, to Buzzfeed's need to create viral content every month, outlets are having to reconsider the best business strategy for them to remain successful without wasting finances.
This hurdle also impacts hyperlocal publications, who more often than not have to rely on volunteers to produce content.
This works well for particularly small publications, but it is not entirely sustainable. As the business grows, it is expected that more staff will be needed – if not fixed term then contributing writers.
It is near impossible to run a business or publication without some sort of income. Covering travel expenses, maintaining a website, attending training, advertising your publication and hosting events (or offering some kind of compensation to your writers) are real costs that all require sustainable funding.
Source: TaxCredits.net Some rights reserved.
Volunteers
According to an article on Journalism.co.uk, many hyperlocals are using a mixed financial model which is currently more sustainable . It's not enough to just rely on one source of income, as the business of journalism is ever changing, and any one method will not always be finaciancially reliable. These are the main suggestions to help get funding.
Ways to get funding:
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Crowdfunding
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Advertising
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Grants
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Memberships
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Training
Business Model
Future Proof?
Is this sort of journalism worth the investment and time it takes to raise funds to continue it?
Dave Harte, professor at Birmingham City University, editor of hyperlocal site Bournville News and freelance writer, gives his opinions on the sustainability of hyperlocal journalism as a whole:
"Like any journalism form, it has to adapt to audience consumption habits. It’s possible it is more future-proof as the smaller an organisation is the more flexible it can be. However, like any news org, it faces a real challenge to keep track of what is now a dispersed online audience."