This report summarises the outcomes of discussions and debates held at the ICA Postconference News Industries: Funding Innovations and Futures (24–25 June 2024). It examines two critical approaches to funding news: innovations within the news business and government subsidies. Offering a global perspective, the report highlights current challenges in the industry and provides actionable recommendations for government to foster a sustainable future for news.
The event brought together industry leaders, policymakers, and researchers to address strategies for supporting public interest journalism. Discussions centred on best practices for transitioning to sustainable digital news models, the role of government and regulators in facilitating this shift, and the contributions scholars can make by providing evidence and roadmaps for meaningful change.
KEY RECOMMENDATIONS
1. Collaborative Financial Solutions
The Federal Government should collaborate with industry stakeholders to swiftly design and implement long-term financial strategies to support the news sector.
2. Focus on Indirect Subsidies
Priority should be given to indirect subsidies such as tax relief, workforce development, training programs, and infrastructure investment to strengthen the industry.
3. Support for Local and Diverse News
Dedicated support is needed to ensure the availability of local news, public interest journalism, and content that caters to diverse audiences, ensuring equitable access for all Australians.
4. Revisiting the News Media Bargaining Code
The Federal Government should reevaluate the News Media Bargaining Code to reflect the evolving digital landscape. Options include updating the code to address current challenges, mandating platform compliance, or replacing it with a more sustainable alternative.
5. Introducing a Digital Advertising Levy
Consideration should be given to introducing a levy on digital advertising revenues. The funds generated could be allocated to support local news, public interest journalism, and diverse content initiatives.
6. Redefining the Concept of News
Policymakers, traditional and alternative news providers, and academics should collaborate to redefine what constitutes “news.” Establishing a clear and consistent definition will help ensure fair distribution of funding to deserving outlets.
This report underscores the urgent need for coordinated action by government, industry, and academia to safeguard the future of journalism and its vital role in a democratic society.
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