Around the world, news organizations are rethinking their models to build resilience, strengthen audience relationships, and invest in the tools that support quality journalism. A new global study offers a clearer picture of how those efforts translate into financial stability. The News Sustainability Project 2025 Report , from FT Strategies and the Google News Initiative, analyzes data from 700 publishers across markets and media types. It explores the factors that drive profitability and long-term resilience in today’s news industry.
The research defines sustainability as the ability to deliver on a journalistic mission while maintaining financial stability. The report identifies four foundations that underpin success: product and audience, monetization, operational readiness, and financial resilience. Publishers that strengthen these areas consistently outperform peers in profitability, innovation, and adaptability.
The results show that independent digital-native publishers are thriving in underserved markets, while established regional and national players are modernizing through digital transformation. Across this spectrum, success depends less on scale and more on clarity of purpose, innovation, and culture.
Small digital natives are rewriting the rules
One of the report’s most surprising findings comes from digital-native outlets with fewer than 50 employees. They are thriving and most often operate with lean budgets and off-the-shelf technology. Seventy-two percent of these small publishers already turn a profit, and half report margins above six percent. Many focus on local or niche communities overlooked by larger media organizations. Their success challenges long-held assumptions that sustainability requires scale or legacy infrastructure. Instead, agility, efficiency, and community relevance are their competitive advantages.
In the United States, lean models such as Times of San Diego and 6am City illustrate this shift in action. Both run profitably with small teams, efficient technology, and high engagement. 6am City operates 25 local newsletters reaching one million subscribers with an open rate near 50%, showing how focus and consistency can drive growth. The Post and Courier in South Carolina, meanwhile, illustrates how regional legacy outlets can modernize successfully through audience development and subscriptions.
Digital transformation accelerates
Across all markets, digital transformation defines strategy. Digital-forward publishers expect a 9% shift from print and advertising toward digital consumer revenue within three years, while the most profitable anticipate a 13% shift. Even in print-dominant regions such as Latin America and South Asia, publishers plan for double-digit declines in print income offset by digital gains.
Many legacy publishers still depend on print as a financial bridge. While print revenue continues to generate profit, leaders use those earnings to fund technology upgrades, product development, and newsroom innovation. In effect, they are transforming a declining business line into an engine that funds their digital future.
Diversification strengthens resilience
Advertising remains an important revenue stream, but diversification now defines sustainability. Digital natives expect subscription revenue to rise by 5%, and the most profitable forecast at 7% growth. Leading outlets are expanding into donations, events, and information services. The report finds that digital-forward publishers with three or more significant revenue sources record higher average profit margins than those with fewer.
The report shows profitability rises with direct audience engagement. Among profitable publishers, 41% have logged-in rates above 7.5%, while only 15% of unprofitable publishers reach that level. Logged-in readers are more valuable because they convert more easily to subscribers and enhance advertising through first-party data. As referral traffic from search and social platforms declines, publishers increasingly rely on registration walls, newsletters, and direct sign-ups to build lasting connections. Profit follows the login and publishers that own their audience data outperform those that don’t.
Technology, editorial investment, and cash discipline
Profitability also correlates with investment in technology, editorial quality, and cash management. Publishers with robust technology infrastructure and sound financial planning report higher margins and stronger readiness for the future. The data here shows that digital-forward publishers manage costs tightly while investing in customer research and product innovation. In contrast, some publishers cut editorial spending to protect short-term profit. This often leads to a “doom loop,” a cycle where weak products erode audience trust and reduce revenue.
In addition, most publishers surveyed say AI is a strategic priority, whether to automate workflows, personalize content, or enhance reporting. Local outlets use AI to improve efficiency, while larger organizations employ it to differentiate their products.
Although AI adoption does not yet correlate with profitability, it signals a growing maturity across the industry. In the United States, experimentation continues to expand, especially around data insights and multilingual publishing.
The News Sustainability Project 2025 Report delivers a clear message of progress. Media companies are proving that sustainability is achievable when strategy centers on audience insight, purposeful innovation, and disciplined investment in people and technology. Their success depends on strong leadership, smart investment in people and technology, and a continued commitment to local journalism that informs and connects communities.
