Media as SMEs
Public interest media must be recognised as essential to enabling local economic and business ecosystems.
Position media as micro and small enterprises, drawing them more clearly into entrepreneurial and business development communities. In doing so, we can place the emphasis on the contribution of media to local economic growth and stability, rather than purely a contribution to human rights and democracy.
Scale up the capacity development needed to make financial flows effective, such as accelerators, advisors, mentoring and cohort approaches, which make knowledge applied and actionable. Acknowledge that local banking and community institutions may not be the first actors that come to mind when trying to unlock local capital, but are nonetheless a key component.
Deal with systemic and thematic challenges facing multiple civil society sectors around inequality and information integrity with a joint approach. The Global Public Investment Network is one such initiative.
Scale up collaboration and multidisciplinary ways of working. Initiatives such as the Media Viability Manifesto and the mobilisation of a task force on private and philanthropic capital is a promising step forward.
Go Deeper
Learn from those who have done it
In 2021 the Media Development Investment Fund published its reflection on their 15 years of experience of measuring and reporting social value.
They can be read in full here and they are summarised below.
Develop a system that works for you
Adopt a structured impact measurement approach that tracks both the business performance and the societal impact of supported media organisations. This should include:
Monitoring changes in reach, revenues, and overall viability of supported outlets.
Collecting direct feedback from media partners on how financing and advisory support affect their operations.
Evaluating the journalism produced, with a focus on coverage of corruption and accountability, elections, social issues (such as environment, gender, minorities, immigration, LGBTQ+), and major global challenges like pandemics.
Treating impact measurement as an evolving, iterative process that adapts to shifts in the media sector and emerging best practices.
This continuous learning model ensures that financing not only strengthens independent media businesses but also maximises their contribution to transparent, inclusive, and resilient societies.
Embed impact measurement in the investment process
Ensure that impact measurement is fully integrated into the investment process and closely aligned with the organisation’s mission, activities, and strategy. This includes:
Applying the principle of additionality—investing in enterprises that cannot access adequate commercial financing without compromising their independence or viability.
Defining clear eligibility criteria to guarantee that financing reaches organisations that genuinely require non-commercial capital.
Exploring profit participation models where fund managers’ carried interest or performance fees are tied directly to the achievement of mission-related impact indicators, ensuring financial and social objectives remain aligned.
This approach strengthens both the immediate benefits to investee organisations and the long-term positive impact for the communities they serve.
Identify the right information and leverage multiple data sources
Adopt an efficient and balanced approach to impact measurement that draws on multiple data sources while minimising the reporting burden on investees. This should involve:
Combining internal monitoring data with surveys and relevant external benchmarks (e.g., press freedom indices, social progress indicators, or sector-specific performance indices).
Selecting a limited set of priority indicators that provide meaningful insights into business performance and community impact, rather than attempting to collect comprehensive datasets.
Avoiding survey fatigue by designing concise, targeted questionnaires that respect the operational constraints of investees.
Using contextual data (such as global crises or sector trends) to interpret performance shifts and guide planning, technical assistance, and investment priorities.
This pragmatic, context-sensitive model ensures impact measurement is accurate, efficient, and supportive of investee organisations rather than burdensome.
Numbers don’t tell the whole story
Complement quantitative metrics with qualitative evidence to fully capture impact. While standard indicators such as revenues, audience reach, and financial viability provide comparability across a portfolio, they do not tell the whole story. Impact measurement should also:
Document examples of journalism-driven change, such as new laws, policy reforms, public protests, or accountability actions triggered by reporting.
Highlight societal benefits like greater transparency, reduced corruption, and more inclusive public debate.
Use narrative case studies to demonstrate journalism’s civic importance and to communicate its broader value to policymakers, investors, and the public.
By combining hard data with stories of change, institutions can more effectively show how media investment strengthens communities and democratic governance.
Be transparent and don’t overclaim
Maintain transparency, rigor, and accountability in impact measurement to avoid “impact washing” and ensure credibility. This includes:
Acknowledging the limitations of data and avoiding over-attributing causality; investments should be seen as contributing to, not solely causing, organisational growth or community change.
Implementing robust data validation processes, including cross-referencing reported results with internal data, external sources, and third-party benchmarks, and correcting anomalies where necessary.
Being transparent about methodology, assumptions, and measurement challenges, so that stakeholders understand both the strengths and limitations of the findings.
Using data primarily to inform decision-making and portfolio management, rather than to overstate impact.
This approach promotes credibility, supports learning, and ensures that impact reporting accurately reflects the contribution of financing to societal and organisational outcomes.
Alignment to existing social impact frameworks and SDGs
Adopt a tailored, sector-specific approach to impact measurement that reflects the unique role of media in development and aligns with broader social objectives. This should include:
Recognising that broad, standardised metrics often fail to capture the specific impact of media investments, and developing indicators suited to media’s role in information, accountability, and civic engagement.
Exploring alignment with the UN Sustainable Development Goals (SDGs), particularly SDG 16 (access to information, accountable institutions), while also demonstrating how independent media contributes to other goals such as SDG 2 (No Hunger), SDG 5 (Gender Equality), and SDG 10 (Reduced Inequalities).
Continuously refining measurement practices as the field of impact measurement evolves, to reliably and transparently capture the complex connections between media support and development outcomes.
This approach ensures that impact reporting is meaningful, credible, and directly linked to the mission of fostering free, accountable, and thriving societies.
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