International Fund for Public Interest Media launches $150 million campaign to secure the future of independent journalism

The International Fund for Public Interest Media (IFPIM) launched its ambitious $150 million campaign Sept. 25 and unveiled its Investment Case at a high-level event at the sidelines of the 79th United Nations General Assembly. The Fund is calling for a major, international effort to shore up independent journalism globally.

“In a quicksand world constantly erupting in violence, independent journalism is a lifeline. It is the bedrock of democracy and equitable development,” said Maria Ressa, Nobel Peace Prize laureate, CEO of Rappler and board co-chair of the International Fund. “Without facts, you can’t have truth. Without truth, you can’t have trust. Without trust, we have no shared reality, no democracy, and it becomes impossible to deal with our world’s existential problems. The International Fund’s goals are humanity’s goals.”

The Fund aims to raise the target amount of $150 million by 2025 to significantly increase its support for the survival of independent media in low- and middle-income countries over the next three years. Grant support also allows organizations to test new revenue streams and develop long-term financial solutions for the sustainability of independent journalism. 

“This campaign marks an important milestone in the International Fund’s mission to scale up its impact,” said Nishant Lalwani, CEO of the International Fund. “OECD data tells us that the global print advertising market has plummeted by nearly 40% between 2019 and 2024, which has devastated news outlets.  Meanwhile only 0.19% — just $500m — of total Official Development Assistance was allocated to supporting media and information in 2022. As a community of democratic actors, we need to step up to protect an independent media ecosystem that faces unprecedented threats.” 

Shrinking revenue sources are  exacerbated by the sharp decline in the number of democracies around the world, and the steady rise of illiberalism over the past decade: Between 2011 and 2023, the proportion of the world’s population living in autocracies increased from 49% to 71%. In 2023 alone, 42 countries experienced democratic backsliding or a rise in autocratic systems of government, affecting 2.8 billion people — 35% of the global population.

With independent media shown to be an important factor in maintaining healthy democracies and helping citizens to make informed choices, the International Fund’s global initiative is particularly crucial during election periods. Of the 40 countries already eligible for funding, 30 will hold elections between 2026 and 2028.

The Investment Case, titled “A Moment of Truth: Securing the Survival of Independent Journalism,” outlines the International Fund’s strategy to:

• Fund 300 media outlets across 50 low- and middle-income countries

• Support 10 new market-level financing solutions

• Reach an estimated 280 million people with trustworthy, independent journalism 

• Mobilize US$300 million in co-investments from grantees and partners

Mark Thompson, chairman and CEO of CNN Worldwide and board Co-chair of the International Fund, emphasized the urgency of the situation: “Independent media is the central nervous system of democracy. The International Fund offers a unique solution for safeguarding this essential public good. We are focused on countries where locally driven efforts to build inclusive democratic societies hinge on the continued existence of a robust independent media sector. We are making it clear to donors that the time to act is now.”

The International Fund’s innovative model combines multilateral funding from governments, private sector companies and philanthropies with a governance structure that guarantees independence in funding decisions. To date, the Fund has been supported by 19 donors, with two new donors — the Open Society Foundation and Australian Government Department of Foreign Affairs and Trade DFA — committing support this year. Luminate, a founding donor to the International Fund, has also committed new support in 2024.

In addition to providing core funding to protect media organizations that are struggling to stay afloat among dwindling revenue streams, the International Fund also builds structures to help them to innovate and create sustainable, long term funding models. Central among these efforts is the Fund’s Strategy for Emerging Technologies and Regulation (STaR) to confront challenges posed by new technologies, including Generative AI.

As previously stated by Secretary-General António Guterres, “The international community can chart a path towards a new era of sustainable, public interest journalism, while helping to restore trust across societies.” 

For more information about the International Fund for Public Interest Media and its Investment Case, please visit momentoftruth.ifpim.org. 

About the International Fund for Public Interest Media:

The International Fund for Public Interest Media is a global, multilateral response to the crisis facing public interest media in low- and middle-income countries. Launched in 2023, the Fund aims to dramatically increase funding to independent media organizations and help develop new, sustainable business models in fragile democracies around the world.