The Pew Research Center is out with a new report this morning documenting just how difficult it is for startup, nonprofit news sites, to achieve financial stability.
A typical site starts with a substantial foundation grant, often more than $100,000, according to Pew’s survey of 93 outlets. They handle their money conservatively; most have cash in the bank. While they recognize business and financial capacity to build other revenue streams as their top staffing need, many cannot afford that help and still meet their news mission.
That leaves them reliant on the original funder, though only 28 percent of those getting a significant initial grant reported getting additional money from that source.
On the positive side, Pew found all but nine states had at least one nonprofit news outlet. Read more