One of my new favorite YouTube channels is First We Feast, specifically the show Hot Ones, where celebrities answer great interview questions as they eat progressively hotter wings. While it’s always entertaining, a recent interview with Academy Award winner Matt Damon really stuck with me because of the way it parallels what is happening with news media today.  

He was asked about the macroeconomics of Hollywood, particularly how streaming has affected the subjective quality of content compared to decades ago. Damon explained how DVDs once generated huge revenue, allowing studios to take more creative risks because they could rely on profits from DVD sales after a film’s theatrical release. He shared an example from a studio executive who explained that making a movie would, in theory, cost $25 million, with another $25 million for print and advertising. Gross box office receipts are then split with theater owners, who typically keep about half. This structure means the film would need to earn around $100 million just to break even or beginning to even discuss profit.  

Safe bets versus experimentation and adaptability

This hit me close to home, even though I’m in a different industry. It made me think about how the news media industry has also undergone drastic changes due to technology, shifts in audience consumption habits, and declines in traditional revenue streams like print subscriptions and classified ads. Both industries now take fewer risks in unpredictable environments, arguably leading to a drop in content quality and diversity. While exceptional work is still produced, the shift toward safer, commercially viable content is evident. Yet the evolving landscape hints at a future that demands a more integrated and adaptive approach.  

Hollywood content creation, as Damon suggests, centers on box office hits that drive significant revenue in their theatrical run. In news media, revenue reliance is on digital ads, subscriptions, and paywalls.  

Damon’s discussion of the economics of film made me wonder: What’s the new “DVD-sales” for the news media industry? What will create sustainable revenue beyond conventional methods? As technology advances, I believe the solution is in building new models that effectively leverage current tech and audience trends to offer long-term financial stability. 

While traditional news content remains important, it’s clear that audience expectations constantly evolve. Technology unlocks new possibilities which organizations must experiment with to master. At the same time, communities and influencers are reshaping how audiences connect with news. To stay relevant, news media has to adapt to these changing consumption patterns and provide deeper engagement. It’s time for journalism to meet these evolving demands, focusing on the key areas that will define the future of news and become the industry’s new “DVD-sales.” 

Diverse and individualized identity in media 

As audience preferences evolve, identity and self-representation are becoming central to media consumption. People no longer want just content—they want content that reflects their values and creates a sense of belonging. Subscriptions, affiliations, and donations have become extensions of personal identity, allowing individuals to support causes, movements, or news platforms that align with who they are or aspire to be. This shift is empowering. It fosters deeper connections between the audience and the media. However, it requires representation and relatability.  

Audiences increasingly seek a voice in the content they engage with. Community-led journalism and immersive experiences meet this demand by offering behind-the-scenes access, deeper insights into investigative reporting, and platforms for expressing concerns and successes within communities. These media-driven town halls—both in-person and virtual—create spaces where passion and substance shape the conversation. Historically, community-led journalism has also empowered underserved groups. It gives them ownership of their stories, fosters empathy, and reinforces a sense of identity as individuals see themselves reflected in the content. 

Mission-driven partnerships 

As audiences seek media that reflects their authentic selves, corporations and philanthropic organizations are aligning with news outlets that share their values to forge impact-driven partnerships that open new revenue opportunities for news media. These partnerships—particularly with philanthropic foundations, renewable energy companies, and organizations focused on health and sustainability—fund journalism with shared societal goals. Rooted in corporate social responsibility, they empower journalism to deliver objective reporting while driving meaningful social change.  

 By supporting investigative journalism, documentaries, and projects that resonate with consumers’ values, these partnerships enhance engagement and create a sustainable, mission-driven funding model. And companies that invest in media that align with their core values forge deeper connections with consumers who see these efforts as an extension of their own identities. This trend could shift news revenue models from short-term advertising to long-term, scalable partnerships, offering a significant and exciting opportunity for the future of news media. 

Transformative role of technology 

While sticking with the tried-and-true tactics may seem like the safe bet, the industry will need to reinvigorate its spirit of innovation and risk to best connect with ever-evolving audience expectations.  Technology has empowered today’s audiences to be more authentic by providing quicker access to information and more immediate ways to explore their interests. Information access helps people understand themselves and the world around them with greater speed and depth.  

Newsrooms can harness this shift by embracing immersive reporting through interactive experiences like AR and VR, which allows individuals to step into different perspectives, fostering empathy and engagement. These immersive technologies, from placing reporters on the front lines to using interactive learning platforms, enable audiences to connect more deeply with content, helping them refine their views and consider how they want to contribute or enact change.  

The real breakthrough, however, is in AI’s role in driving personalized engagement. AI allows news organizations to deliver hyper-personalized content based on individual habits and preferences, a process once manual and time-consuming. With AI-enhanced data insights, organizations can understand their audiences at a granular level, offering timely, relevant, and highly customized content. This deeper connection with consumers anticipates their needs and creates impactful experiences, potentially transforming how news is consumed and delivered. 

The road ahead for media revenue

So where is this all leading, and how does this become the new “DVD-sales” for news media? The answer lies in a transformative, identity-driven, community and tech-powered ecosystem where audiences help shape the content. This approach will foster loyalty and create scalable, sustainable revenue beyond traditional ads and subscriptions. By leveraging the combined power of community and technology, news organizations can form partnerships with purpose-aligned entities, redefining how journalism is funded and experienced. 

I envision a digital platform where users actively participate, voting on story ideas or contributing content in an environment that tackles local and global issues. With AI and data-driven personalization, users can receive tailored content and news organizations can create high-demand immersive experiences like virtual town halls. 

 If you’re wondering how these ideas translate into reality, take a look at City Bureau in Chicago, which is already putting some of them to work. This journalism lab is reimagining local media by equipping communities to address information inequity. Their Documenters program trains and pays residents to cover local government meetings, boosting transparency and citizen involvement.  

This concept upholds journalistic integrity, ensures accuracy and drives meaningful community involvement. It integrates the community into the editorial process without compromising professional standards. The approach builds authentic connections and strengthens trust, which is crucial for attracting corporate sponsorships and philanthropic partnerships. No, it does not come in a handy book-sized package like the DVD. However, this is a model that puts the audience at the center to build a sustainable model through experimentation in how the news is made, delivered, and funded.