I sat down to write this week’s missive intending to delve into the financial challenge of working as a freelance journalist.
I’d been mulling over whether full-time freelance journalists were an endangered species, increasingly relying on other income streams to put their kids through school and keep a roof over their heads. It made me reflect on my time as a freelancer and the fact I couldn’t imagine surviving purely on journalism to pay the bills. Talk about playing life on hard mode.
After covering publisher worries over content monetization, I wanted to touch on how this can be felt at the very edges of an organization. I think of freelancers as a canary in the publishing coal mine; keep a close eye on them if you want to check an organization’s pulse.
But as I thought more about it, I wondered whether staff journalists and freelancers might not be in a similar boat.
Reality Bites
Reading interviews of journalists who had changed careers revealed a common thread for most of them: they had bills to pay and journalism (including freelancing on the side) wasn’t cutting it.
This problem has been growing for years, with the financial shortcomings of a journalism career underpinning the hacks vs flacks discussion. Employment in newsrooms has been declining since the turn of the century, with many jumping ship to the public relations industry.
There’s more money working for corporations than being a truth seeker, though admittedly, there is more mystique around the latter. And this is where we get dangerously close to “passion pay” territory, with many journalists choosing their craft over more money.
Substack’s recent interview with Michael MacLeod to discuss his success with The Edinburgh Guardian newsletter had me chewing over the passion vs profit issue.
Passion Vs Profit
Aside from making me incredibly nostalgic for my hometown, the interview with MacLeod revealed several interesting talking points.
I won’t dive too deeply into his operational process here, but you should check out his thoughts on growing his subscriber count to almost 4,000 (350 of whom are paid members).
Instead, I want to talk about the fact that a one-time professional journalist quit his job with Meta to follow his passion for journalism.
MacLeod, earning £90,000 (~$110,000) per year, packed it in for what I’m estimating is an annual salary of around £20,000 (based on the paid subscriber figures he discusses in the article and comments section). Now, there’s no ceiling to what he could earn; a quick look at what some of the platform’s top earners make will confirm that.
But his story as a former hack finding his way back to the industry as a self-funded entrepreneur raises the question of where we go next.
What Next
The passion for journalism — among fresh starts and experienced hands — is evident. Journalism provides a purpose that few careers can match. And yet, spend long enough at the coal face with little financial security and even the most ardent believer will have their doubts.
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Expecting passionate individuals — freelance or staff — to stay put for less money forever is unrealistic. And, if left unaddressed, the situation will lead to a brain drain. Sure, some might return to have a crack once they’ve squirreled away a big enough bank to risk it, but the majority will focus on what’s best for them and their families.
Unless I’m missing something, there’s no magic fix for this other than publishers getting their houses in order and making more money.
From maximizing their programmatic revenue to reviewing their subscription management software, publishers need to constantly look for ways to improve their bottom line and attract and then keep the best journalists.
