Has your outlet published an abstract nude depicting its editor?
Misaligned incentives in the attention economy, Meta's massive scam revenues, our strategy guide, lessons from a hyper-local outlet in Glasgow and 25 active calls.
Welcome!
This week on Media Finance Monitor
Has your outlet published an abstract nude depicting its editor?
Meta’s scam revenue is 6x bigger than the entire EU digital news ad market
Our strategy guide, Beyond Scale is out
Why a hyper-local outlet in Glasgow still bets on print to reach 12,000 readers
25 active calls (2 new)
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Has your outlet published an abstract nude depicting its editor?
There are two reasons I can’t look away from the Olivia Nuzzi saga.
First: I’m quite the gossip, I like a good story about messy people (=people) doing messy things (=things).
For those living under a rock or inexplicably focused on more important matters than the micro-drama gripping American journalism: Olivia Nuzzi was one of the most sought-after political reporters in recent years, big outlets, hot stories, podcast deals, TV contracts. Until the 2024 revelation that she had a “digital relationship” with then-presidential candidate Robert F. Kennedy Jr. while writing his profile for New York Magazine. (If you, like me eight days ago, are unsure what constitutes a digital relationship between a reporter and their subject, I suggest reading the erotic poetry RFK Jr. sent to Nuzzi. Or don’t, and spare yourself the need to pressure-wash your visual cortex.)
Nuzzi lost her job and began writing a tell-all, set to be released soon. As excerpts from the book started appearing in November, her ex (another prominent American journalist, Ryan Lizza) used his Substack to turn their breakup into extremely popular serialized content (the first post was viewed 724,000 times according to Semafor) and to accuse her of acting as a political operative for Kennedy while reporting on him. Meanwhile, Nuzzi had been offered the West Coast editor at Vanity Fair and just had an abstract nude portrait of herself published by the magazine.
So the second reason I’m gripped by this very-much-developing story is that it is the perfect parable about how incentives work in the information space in 2025 and where these were always going to lead us.
We have been documenting this shift for a while: trust and value no longer flow from the masthead to the individual; they flow from the individual to the institution. In an ecosystem of infinite content, the “view from nowhere“, that detached, robotic objectivity we discussed a few weeks ago, is not just culturally out of vogue; it is financially insolvent.
Attention is captured by the specific, the authentic, and the human. As we argued in the “pornification” piece, when information becomes abundant, the value shifts to intimacy, access, and the feeling of being “in the room”. This creates a powerful economic incentive for reporters not just to chronicle events, but to become protagonists in them. To quote the People vs. Algorithms podcast: “With institutions losing their distribution edge, main-character energy now determines who captures attention.“
The market rewards reporters who offer a direct relationship and a unique voice. It incentivizes them to dissolve the barrier between the observer and the observed. And while most journalists won’t end up in a sexting scandal with a Kennedy, the pressure to escalate that intimacy, to be a character rather than a chronicler, is universal.
I don’t want to be the morality police here. Reporters are humans, not AI scrapers. We talk to people, we bond with sources, and sometimes those lines get blurry because human relationships are messy. Having a personal relationship with a source is a tale as old as journalism. But becoming a political operative, effectively shaping the events you are supposed to be reporting on, is a different category of transgression in my mind.
That being said, I’m not entirely sure the market cares all that much about this distinction. In the current economy, a significant segment of the audience wants that transgression. They don’t want to be a fly on the wall; they want to feel, through the reporter, that they are shaping history. They want the thrill of the “operative” because it implies the ultimate level of access.
Which brings us to the likely endgame.
Vanity Fair is reportedly reviewing Nuzzi’s temporary contract and may let it quietly expire, choosing institutional safety over the volatility of a star hire. On paper, that looks like ethics winning. In practice, my bet is the institution loses. In the creator economy, “messiness” is often not a liability; it can become leverage. Nuzzi can pivot, launch her own independent venture, and monetize the very notoriety that made her toxic to a legacy brand. The institution retreats to its ethics; the individual walks away with the asset, her main-character energy, and cashes out.
Meta’s scam revenue is 6x bigger than the entire EU digital news ad market
I am generally allergic to the “Meta ate my business model” genre of media commentary. While it’s partially true, blaming platforms for the decline of the legacy business model is often a convenient way to avoid discussing our own failure to innovate or serve real audience needs.
And then I looked at the scoreboard.
According to internal documents viewed by Reuters, Meta projected that nearly 10% of its 2024 revenue, roughly $16 billion, would come from advertising for scams and banned goods.
To put that number in perspective, according to the “Competitiveness and economic viability of the news media sector“ report commissioned by the European Commission, the entire digital news sector in the EU generated about €2 billion in advertising revenue in 2021. Even with a generous projection of €2.4 billion for 2024, Meta is making nearly six times more money from fraud than the entire European digital news sector makes from legitimate advertising.
The Reuters investigation details an ecosystem where users are shown an estimated 15 billion “higher risk” scam ads every day. Perhaps most cynically, rather than banning all suspected scammers, Meta implemented a “penalty bid” system where they simply charged suspected fraudsters higher rates to win ad auctions. They didn’t stop the behavior, they just taxed it at a higher margin.
If a traditional publisher knowingly ran scam advertisements at a fraction of this volume, they would face immediate regulatory immolation. Advertisers would boycott, and regulators would levy existential fines. Yet in the platform economy, hosting a multi-billion dollar fraud ecosystem is just a line item that accounts for 10% of the revenue.
I don’t think the answer is: “Give Meta’s money to newsrooms!!!4!!!!” That’s not realistic politically, and it’s not a serious business strategy. I wouldn’t recommend building any model that assumes a future windfall from platform taxes or bargaining codes. But I also don’t think we should pretend this is a level playing field that the sector can fix entirely on its own through better products and nicer membership pages.
Our strategy guide, Beyond Scale is out
Last week, we released Beyond Scale: How media is redefining value in 2025, our strategy guide for small to medium independent outlets in CEE. The response so far has been positive and we are grateful for the shares and references. If you haven’t had a chance to check it out yet, it is still very much available.
We are proud of the work, but we are even more interested in how it survives contact with reality. We want to hear from you: use the frameworks, challenge the assumptions, and tell us what works in your specific market and what doesn’t. Your feedback is crucial, it tells us if we should produce more resources like this in the future. So please read it, use it, share it with your team, and let us know what you think.
Beyond Scale: How media is redefining value in 2025 - Notion microsite
Beyond Scale: How media is redefining value in 2025 - PDF version
Why a hyper-local outlet in Glasgow still bets on print to reach 12,000 readers
Launched in 2020, Greater Govanhill, run as a social enterprise, set to reflect everyday life in Glasgow’s Southside and create space for residents to share their stories. Published every two months, each issue goes out in 4,000 copies across cafés, shops and other local venues, reaching an estimated 12,000 readers. The magazine is complemented by an online edition and additional community-facing initiatives, and its team operates from a shared newsroom with five regular staff supported by volunteers. Its set-up differs from that of many local outlets, and the factors below play a key role in keeping it going, as described by this feature in The Fix.
Multiple income streams that spread risk. Revenue comes from local ads, small grants, recurring and one-off member donations, and fees generated through events, workshops and training. No single source is sufficient on its own, but collectively they cover different aspects of the organisation’s activities. This diversified foundation reduces dependence on any particular funder, allows flexibility when resources fluctuate, and enables the magazine to remain free.
Print as a practical choice for reaching readers. Maintaining a paper edition has its costs, but it aligns with how many residents prefer to access information. Volunteers deliver copies to places people already frequent, keeping expenses manageable while also ensuring access for those who are less active online. The physical format is also appreciated locally as a slower, more reflective medium that presents a wide range of stories side by side. This combination of familiarity and accessibility strengthens the publication’s bond with its readership.
Sharing capacity through a collaborative network. Greater Govanhill is part of the Scottish Beacon, a coalition of 25 community publications that collaborate on reporting, exchange expertise and occasionally coordinate advertising. For a modest newsroom, this joint infrastructure reduces isolation and makes possible joint projects that would otherwise be out of reach. It also opens up revenue opportunities that stem from collective action rather than relying solely on its immediate audience.
Events that reinforce local ties. Alongside the magazine, the organisation runs workshops, story booths and neighborhood discussions. These activities bring in some income, but their main value lies in keeping readers connected to the publication and to one another. They broaden its presence in the area and help maintain the local support that underlies the entire model.
This last piece is part of a series focusing on local and community journalism and is supported by the LimeNet project and the European Union.
Here are the active calls, with the largest at the top:
CREA - Journalism Partnerships Pluralism
Who: European Commission
How much: Up to EUR 2,500,000
What is it for: Funding local, regional, and investigative media strengthening democracy
How long: Up to 24 months
Deadline: February 4th, 2026
Eligible countries: Creative Europe participating countries (EU member states, including overseas countries and territories, and non-EU countries associated to the Creative Europe Programme)
CREA - Journalism Partnerships Collaboration
Who: European Commission
How much: Up to EUR 2,000,000
What is it for: Support collaborative projects boosting media sustainability, innovation, and transformation
How long: Up to 24 months
Deadline: February 4th, 2026
Eligible countries: Creative Europe participating countries (EU member states, including overseas countries and territories, and non-EU countries associated to the Creative Europe Programme)
CREA - Media Literacy
Who: European Commission
How much: Up to EUR 500,000
What is it for: Support innovative cross-border media literacy projects
How long: Up to 24 months
Deadline: March 11th, 2026
Eligible countries: Creative Europe participating countries (EU member states, including overseas countries and territories, and non-EU countries associated to the Creative Europe Programme)
Information measures for the EU Cohesion policy for 2025
Who: European Commission
How much: Up to EUR 200,000
What is it for: Producing and disseminating content on EU Cohesion policy
How long: 12 months
Deadline: January 15th, 2026
Eligible countries: EU member states (including overseas countries and territories)
CREA - European co-development
Who: European Commission
How much: Up to EUR 120,000 – 200,000 (depending on the number of partners and project type)
What is it for: Co-development of audio-visual projects (fiction, animation, or documentary) by independent European production companies
How long: Up to 30 months
Deadline: February 25th, 2026
Eligible countries: Creative Europe participating countries (EU member states, including overseas countries and territories, and non-EU countries associated to the Creative Europe Programme)
Global Media Defence Fund
Who: UNESCO
How much: Up to USD 50,000
What is it for: Bolstering journalists’ legal safety and advancing media freedom through investigative journalism and strategic litigation
How long: Up to 18 months
Deadline: January 2nd, 2026
Eligible countries: Global
Ukraine: Relief, Resilience, Recovery - Media support
Who: German Marshall Fund
How much: Up to USD 25,000
What is it for: Support media’s role in informing audiences
How long: 3-12 months
Deadline: Ongoing
Eligible countries: Ukraine
Machine Learning Reporting Grants
Who: Pulitzer Center
How much: Up to USD 25,000
What is it for: Strengthen data-driven reporting using data mining
Deadline: Ongoing
Eligible countries: Global
Environmental Investigative Journalism
Who: Journalismfund Europe
How much: Up to EUR 20,000
What is it for: Conduct investigations about Europe’s environmental affairs
How long: Up to 12 months
Deadline: January 22nd, 2026
Eligible countries: European countries
Professional Development Grants for Environmental Journalism
Who: Journalismfund Europe
How much: Up to EUR 20,000
What is it for: Capacity building of environmental investigative journalists
How long: Up to 12 months
Deadline: January 22nd, 2026
Eligible countries: European countries
Environmental Investigative Journalism
Who: Journalismfund Europe
How much: Up to EUR 20,000
What is it for: Conduct investigations about Europe’s environmental affairs
How long: Up to 12 months
Deadline: January 22nd, 2026
Eligible countries: European countries
Work/Environment Reporting Grants
Who: Pulitzer Center
How much: Up to USD 20,000
What is it for: Report on climate change and its effects on workers and work
Deadline: Ongoing
Eligible countries: Global
Voices of Ukraine - NEW
Who: The Fix Foundation and ECPMF
How much: Up to EUR 10,000
What is it for: Technical equipment support for media operating inside Ukraine
Deadline: December 14th, 2025
Eligible countries: Ukraine
WBF Matching Grants
Who: Western Balkans Fund
How much: Up to EUR 10,000
What is it for: Support to regional cooperation projects in Western Balkans
How long: Up to 4 months
Deadline: Ongoing
Eligible countries: Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro and Serbia
SAFE: Support and Assistance Facility for Experts
Who: EMIF
How much: Up to EUR 10,000
What is it for: Financially supporting European counter-disinformation entities facing urgent threats
How long: Up to 3 months
Deadline: Ongoing (rolling basis, submissions open until February 27th, 2026)
Eligible countries: EU Member States (open to EMIF grantees, EFCSN fact-checkers, and EDMO members)
Global Reporting Grants
Who: Pulitzer Center
How much: Up to USD 10,000
What is it for: Support in-depth, high-impact reporting on critical issues
Deadline: Ongoing
Eligible countries: Global
Media Grants for 30×30 Marine Conservation Coverage
Who: Earth Journalism Network
How much: USD 10,000
What is it for: Fund reporting and training focused on 30x30 ocean goals
How long: 12 months
Deadline: November 24th, 2025
Eligible countries: Global (coastal countries)
Journalism Trust Initiative - NEW
Who: CIJI
How much: Up to EUR 5,000
What is it for: Audit for JTI certification
Deadline: January 15th, 2026
Eligible countries: EU Member States
Content Production Fund
Who: BIRN
How much: EUR 5,000
What is it for: Produce high-quality, cross-border journalism on local, national, or regional topics
How long: Up to 2.5 months
Deadline: December 10th, 2025
Eligible countries: Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro and Serbia
International Mobility Grants for the Western Balkan Media Professionals
Who: Goethe-Institut and DW Akademie
How much: EUR 5,000
What is it for: Strengthen Western Balkans PSM journalists’ EU standards skills
Deadline: December 5th, 2025
Eligible countries: Albania, Bosnia and Herzegovina, Kosovo, North Macedonia, Montenegro and Serbia
Science Misinformation Journalism Grant
Who: Pulitzer Center
How much: Depends on project’s scope and size
What is it for: Journalism combating science denial and misinformation
Deadline: Ongoing
Eligible countries: Global
Conflict & Peace Reporting Grants
Who: Pulitzer Center
How much: Depends on project’s scope and size
What is it for: Reporting on global and local conflicts, peacebuilding efforts, and their human impact
Deadline: Ongoing
Eligible countries: Global
Transparency & Governance Reporting Grants
Who: Pulitzer Center
How much: Depends on project’s scope and size
What is it for: Reporting on corruption, illicit finance, and related topics
Deadline: Ongoing
Eligible countries: Global
Global Health Inequities, Risks, and Solutions
Who: Pulitzer Center
How much: Depends on project’s scope and size
What is it for: Reporting on global health inequities, emerging threats, and the impact of reduced health aid worldwide
Deadline: Ongoing
Eligible countries: Global
AI Reporting Grants
Who: Pulitzer Center
How much: Depends on project’s scope and size
What is it for: Reporting on the societal impact of AI and surveillance, focusing on accountability, equity, and human rights
Deadline: Ongoing
Eligible countries: Global