As advertising has shrunk in recent years and audience revenue has not fully closed the gap, another patchwork of investments has grown considerably–suggesting, perhaps, new models for funding the journalism of the future. Wealthy individuals have purchased or created new journalism outlets with personal funds. Companies initially built as technology firms have used their earnings to bring original reporting into the mix of their offerings. Philanthropy from foundations and in the form of major gifts has grown the nonprofit journalism sector.For now, the total known investments from these individuals and organizations amounts to a tiny fraction—about 1%—of the total identified financial support for news over the past year. But they have created significant interest and buzz for an industry looking for not only an infusion of cash, but for new ideas as well. With much of this investment flowing to digital news outlets without their own legacy baggage, new ideas about how to produce and distribute journalism are being given the chance to flourish. That represents a psychological development perhaps more profound than the dollar figures alone would suggest.
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