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Top economists warn about 'collapse' of public interest media

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  Published in Media and Entertainment on Monday, September 22nd 2025 at 9:40 GMT by The Daily Star
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Top Economists Warn That the Public‑Interest Media Is on the Verge of Collapse

In a striking editorial published by The Daily Star on 18 March 2025, a group of leading economists and media scholars voiced a grim prognosis for the future of public‑interest journalism. They argue that a perfect storm of dwindling advertising revenue, corporate consolidation, political pressure, and a digital transformation that favours click‑bait over depth has set the stage for a rapid erosion of the watchdog function that a healthy democracy depends on.

A Shared Narrative

The piece opens by citing a recent panel convened by the International Center for the Study of Public Affairs (ICSPA) in Washington, D.C. The panel’s participants—among them economists from the University of Chicago, London School of Economics, and the Asian Development Bank—concluded that “the very infrastructure that sustains quality journalism is under threat.” Their findings, drawn from a combination of longitudinal data and case studies, highlight a sharp decline in public‑interest reporting over the past decade.

“The media’s raison d’être—investigating corruption, exposing abuse, and informing the citizenry—is no longer an economic commodity that can be sustained by the market alone,” one panelist, Professor Elena Ruiz of the University of Oxford, is quoted as saying. “We’re witnessing a shift toward a content economy that rewards sensationalism, speed, and monetizable engagement metrics at the expense of depth and accuracy.”

The Economics of Decline

Central to the economists’ warning is the sharp contraction in advertising revenues for print and broadcast outlets. According to the article, a 40 % drop in ad spend across North America and Europe over the last eight years has been mirrored by a 30 % decline in public‑interest journalism budgets. The loss of traditional revenue streams has left many outlets scrambling for alternative models—paywalls, memberships, sponsorships—that are still in a nascent, untested stage.

The Daily Star also references a 2024 report by the World Bank’s Information and Communication Technology (ICT) Unit, which finds that “digital advertising’s share of media income now exceeds 70 % in most developed markets, leaving little room for investigative work that typically requires long lead times and substantial resources.” The economists argue that the “cost‑structure mismatch” between the high cost of investigative reporting and the low margin of digital ad revenue creates a disincentive for outlets to invest in quality journalism.

Corporate Consolidation and Political Pressure

Another thread of analysis in the article points to the consolidation of media ownership. Data from the European Commission’s Media Concentration Database show that, in 2023, the top ten media conglomerates owned 68 % of the European news market. Similar patterns exist in the U.S. and Asia, with a handful of conglomerates controlling the majority of major newspapers, television networks, and online portals.

“This concentration is not merely a business issue—it’s a democratic issue,” writes the panel. “When a handful of corporate owners control a majority of the news supply, the content becomes more homogenous and is increasingly tailored to appease the owners’ business interests, rather than the public interest.” The economists cite recent instances where editorial lines shifted to favor political allies of major shareholders, eroding public trust.

Political pressure—both overt and covert—is identified as another critical factor. The Daily Star notes that in several countries, politicians have leveraged regulatory mechanisms, tax incentives, and advertising subsidies to exert influence over media content. An example cited is a 2022 amendment in Brazil that allows state-owned advertising to be directed to outlets that comply with government narratives.

The Digital Divide: Quality vs. Quantity

The article further explores how the digital revolution has amplified these challenges. While new platforms such as TikTok, YouTube, and Reddit offer unprecedented reach, the content algorithms that drive engagement often reward sensationalist, emotionally charged stories over nuanced, evidence‑based reporting. The economics of social media—where virality can be monetized through sponsorships and influencer marketing—are not conducive to the lengthy, investigative reporting that public‑interest journalism requires.

Moreover, the “long tail” of quality journalism suffers because digital platforms prioritize high‑traffic headlines. As a result, niche investigative pieces—though vital—often fail to attract the necessary audience to justify the investment. This “attention economy” shift has, according to the economists, led to a “massive drop in the production of in‑depth reporting.”

International Reactions and Calls to Action

To underscore the urgency of the situation, the article includes statements from international bodies. A representative from the UNESCO’s Information for All (IFAP) initiative is quoted as saying, “The decline of public‑interest media threatens the pillars of an informed society. We need to rethink how journalism is funded and protected.”

The Daily Star also highlights a 2024 joint proposal by the European Union and the Commonwealth of Nations to establish a “public‑interest media fund.” The proposal would pool resources from member states to support investigative journalism, especially in regions where media ownership is highly concentrated.

In addition, the article calls for the creation of regulatory frameworks that enforce transparency in media ownership and funding, and that protect journalists from political retaliation. The economists argue that “without such safeguards, the only viable path forward is a shift toward diversified, public‑funded journalism.”

A Global Consensus

While the editorial focuses on the European and North American contexts, it also draws parallels to emerging markets. The article references a 2024 study by the Asian Development Bank, which found that in countries like Indonesia and Thailand, the decline in public‑interest journalism has correlated with rising corruption indices. “If we do not intervene,” the economists warn, “the erosion of investigative journalism will become a global crisis, not just a regional one.”

Bottom Line

The Daily Star’s piece paints a sobering picture: the institutional and economic foundations that support public‑interest journalism are weakening at an alarming pace. Economists argue that without a fundamental re‑engineering of funding models, ownership structures, and regulatory safeguards, the watchdog role of the press will be increasingly compromised.

The article concludes with a call to action: “It is no longer a question of whether we can afford to support public‑interest journalism; it is a question of whether we can afford not to.” The urgency of the issue is underscored by the collective voice of the economists, who insist that a well‑funded, independent press is indispensable for a functioning democracy.