ABSTRACT

This chapter summarizes key insights into the economic context of journalism from research. It outlines the historical evolution from a situation in the 19th century where much of journalism was produced by niche media heavily dependent on subsidies from political actors and proprietors to a situation in the 20th century where for-profit mass media dominated many media systems around the world. The limited share of overall revenues invested specifically in news reflect the particular economics of news production but also the fact that news is a small part of most people’s overall media use. In more socially, politically, and economically unequal societies, and in places where journalism remained oriented towards elite politics and culture more than popular audiences, newspapers never build the same audience reach, commercial success, and resources to invest in news production that they did in the UK and the US.