American daily newspaper the Washington Post in 2017 adopted the tagline “Democracy dies in darkness”. The slogan wanted to communicate a simple yet powerful message to the American public: that press freedom is crucial in maintaining a functioning democracy. Illuminating the truth and getting the public to know what is deliberately hidden from them is perhaps journalism’s greatest virtue.
Here at home, we know too well the role credible media has played and continues to play in holding the powerful, both in the public and private sector accountable. But good journalism is not its own reward. It takes great resources to produce the type of journalism that is not only ground-breaking but can contribute to changing public policy.
The testimonies led so far at the media and digital platforms market inquiry by SA’s media houses paint a troubling yet true picture of an industry in sharp decline. This is good news to the corrupt in our midst.
The reality is that the traditional media business model which supports commercial public interest journalism is broken, with a further decline expected if nothing drastic is done. Not a single media house that has appeared before the inquiry has testified that it is profitable. Companies in the industry are jostling for shrinking advertising revenues. It’s a race to the bottom, and the health of SA’s fledgling democracy is on the line.
The inquiry is an important step and we look forward to its recommendations. However, even if it makes favourable recommendations, it might not be the panacea to solve all the media’s revenue challenges.
Corporate SA must wake up to the dangers of having a democracy without an independent and thriving media. Our newsrooms have got smaller in a period where we are seeing a huge spike in corruption both in the public and private sector. Business cannot sit by idly and watch professional journalism die and be replaced by social media influencers.
There has been much talk about establishing a media fund to ensure the sustainability of the profession due to its integral role in our democracy. These discussions have to be formalised through the banner of organisations such as Business Leadership SA and Business Unity SA.
We are proposing a media fund where corporations dedicate a portion of their already existing corporate social investment budgets to the fund. These funds will then be distributed according to strict criteria. These will be based on the media houses’ verified reach and must be part of the press council.
Another requirement must compel media barons to take a pledge not to interfere in the editorial independence of their editors, nor reduce their platforms to their megaphones to settle personal or professional scores. The same requirement should be extended to corporations to dispel any concerns that their financial influence could lead to journalism that favours their interests over the public interest.
This fund can go a long way in sustaining the media if one considers that SA companies spent an estimated R10.9bn on corporate social investment in the 2022 financial year. It would complement the existing solutions such as subscription models, which are yet to profitably take off in a country where the majority of information-hungry citizens struggle to make ends meet.
Critics will say this is a call for business to subsidise other businesses. This view is myopic as hardly any media house in this country is profitable. The argument is akin to saying the private sector must cease assisting to build state capacity because it is already paying billions of rand in taxes.
With the rise in white-collar crime, which has wiped out billions in shareholder value in entities like Steinhoff and Tongaat Hulett, it is critical that financial journalism in this country is saved from its current state.
This can only be done with well resourced newsrooms that have time and space to do groundbreaking investigations not only for the benefit of consumers but the investor community as well.
SA’s problems are too many and corruption too endemic to surrender the critical work journalists must do to social media influencers to fill the emerging vacuum. The financial struggles of commercial public interest journalism are a tragedy on many levels — and the media’s imminent demise is too ghastly a thought.
As the country marks 31 years of a democratic government, there will be little to celebrate in many newsrooms around the country — with fears the next 30 years will have seen many media houses fold. The few people who still invest and run media houses must be applauded. It’s not an easy road — but somebody has to do it — for the benefit of all.
It’s our democracy, and we can keep it.
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