When you look at the publications that survive and spew out their torrents of hateful, vengeful editorials, you wonder how long they can actually last. Surely advertising can’t be propping them up anymore—because there isn’t much left.
So what’s keeping them afloat? Is it wealthy patrons? Political allies? Grants with strings attached? The truth is, money often comes from unexpected and sometimes opaque sources. Behind the scenes, deals are done that never make it to the front page.
Let’s take a closer look at how South African (and global) publications really fund themselves in 2025.
1. Advertising & Subscriptions — The Old Guard
Once the backbone of publishing, advertising revenue has collapsed. In South Africa, 92% of digital ad spend flows straight to Google and Meta, not local publishers. Subscriptions exist, but only a handful of titles—like News24—have managed to grow a paying subscriber base. Most outlets can’t depend on ads or subscriptions alone.
2. Reader Support & Memberships
The Daily Maverick is the standout case here. Its “Maverick Insider” membership program lets readers voluntarily contribute monthly to keep investigative journalism alive. Instead of a paywall, the model relies on loyalty and trust. Today, it’s one of the strongest examples of reader-powered sustainability in South African media.
3. Grants, Relief Funds & Development Support
Funds like the SANEF Sustainability & Media Relief Fund and the Media Development & Diversity Agency (MDDA) play a role, especially for smaller and community outlets. International lifelines also matter—Google’s Journalism Emergency Relief Fund and UNESCO’s grants helped during COVID.
The Mail & Guardian, a small and financially vulnerable weekly, has leaned heavily on this model. It has received support through initiatives such as the South Africa Media Innovation Program (SAMIP), and at one point admitted that without grant funding, it would not have survived.
4. Philanthropy & Trust-Based Funding
Foundations are pouring money into journalism globally, and South Africa is no exception. The Digital News Transformation Fund, backed by Google and local partners, is channeling millions into grassroots publishers. This “trust fund model” has become a core lifeline for independent voices like GroundUp, which publishes critical public-interest reporting and appeals directly to donors for sustainability.
5. Corporate & Benefactor Funding
The Independent Media Group (IOL) has long been the subject of speculation. With limited advertising, critics suggest its survival is linked to politically aligned benefactors and supportive corporate interests. Whether true or not, the perception itself illustrates how tightly money and editorial agendas can become entwined in South Africa’s media landscape.
Globally, Jeff Bezos buying The Washington Post is the most famous example. Locally, suspicions around IOL mirror that same benefactor-driven model, though without the transparency.
6. Diversification & Side Hustles
The Mail & Guardian has experimented with hosting webinars, events, and sponsored discussions as a way to generate income. It’s not glamorous, but these “side hustles” can be the difference between staying afloat and shutting down. Other outlets are branching into podcasts, merchandise, or consultancy to make up for lost ad income.
7. The Mainstream Case: Sunday Times and Its Peers
What about the bigger names that dominate circulation? The Sunday Times, South Africa’s most widely read weekly, still relies primarily on a mix of print advertising, cover price sales, and digital subscriptions. As part of Arena Holdings, it benefits from being in a group structure where costs are shared across multiple titles, including Business Day and Sowetan.
While print advertising has declined, the Sunday Times still attracts major national advertisers because of its reach and prestige. Its digital arm has pushed subscription packages under TimesLIVE Premium, adding a second stream of reader revenue. Events, sponsored content, and corporate partnerships supplement this, but the sheer scale of the paper’s circulation keeps it more secure than smaller independents.
The Hybrid Reality
No single model works on its own anymore. Publications mix and match—reader donations here, a relief grant there, maybe an event or two. It’s patchwork, precarious, and constantly shifting.
The bottom line? Very few publications can survive on advertising and subscriptions alone. The modern media business is a messy blend of patronage, philanthropy, government support, and entrepreneurial hustle.
