The value of journalism: new evidence, better storytelling

Journalism is widely recognised as essential, but making that case convincingly has become harder than ever. Ahead of the Global Media Forum (GMF) in Bonn (23 to 24 June), the new report "The Value of Journalism: Why media matters to economics, national security and crises" was launched in an early morning session just ahead of the conference opening, setting the tone for the days to come. 

Bringing together voices from across the field, including lead author Mel Bunce (City St George’s, University of London), Martin Hoppe (Federal Ministry for Economic Cooperation and Development, BMZ), Anya Schiffrin (Columbia University’s School of International and Public Affairs), and Kate McGeown (Foreign, Commonwealth & Development Office, FCDO), the discussion made clear that longstanding arguments now need sharper backing.

Commissioned by DW Akademie, the International Fund for Public Interest Media (IFPIM), and UNESCO as part of the Media Viability Manifesto initiative, the study brings together what advocates have long argued: journalism matters, and it matters profoundly. 

Opening the session, moderator Tom Law, deputy director of the Global Forum for Media Development (GFMD), immediately highlighted what he considers an often overlooked dimension: the economic impact of journalism. While governments routinely spend billions on military defense, cybersecurity, and border control, they often overlook what Law framed as a growing threat: information insecurity.

Supporting independent journalism, he argued, is a comparatively low-cost intervention with high returns. In a climate of dwindling funding for media development, this case should carry even greater weight, and the report’s findings can help: one key insight is that every $1 spent on journalism can result in more than $100 in savings to the public through reclaimed funds, improved public services and reduced corruption. 

Making the case with fresh evidence

Mel Bunce, professor of International Journalism at City St. George's, University of London and lead author of the report, presented the research as a toolbox for advocates. "We hope this paper provides what is most needed right now: hard facts," she said. Those facts, drawn directly from the study, paint a compelling picture.

As Laura Moore, head of Research and Evaluation at DW Akademie, added, reflecting discussions with policymakers at both European and national levels, "We hear from policymakers at the European level and in Germany: to put journalism back on the agenda, we need this kind of evidence."

Investigative journalism, Bunce noted, not only exposes corruption, it helps recover public money. "It has a big return on investment," she emphasized. She pointed to findings from the Organized Crime and Corruption Reporting Project (OCCRP), whose investigations have contributed to more than US$12 billion in fines and recovered assets since 2009.

Beyond economics, the report underscores journalism's role in national security. "Disinformation is a key issue to national security," Bunce said. In an environment where state-sponsored propaganda campaigns are becoming more sophisticated and pervasive, trust in credible journalism is a crucial line of defense. "Where there is trust in journalism, people are more resilient to disinformation," she added.

The report also highlights journalism's impact in crisis and post-conflict settings. Media coverage, Bunce explained, can influence political agendas and trigger government action. "It can put issues on the agenda and put pressure on policymakers to act." In humanitarian contexts, even incremental attention can translate into substantial funding and policy shifts, demonstrating the tangible consequences of visibility.

International development under pressure 

Yet if the evidence is strong, the challenge remains how to use it effectively. This question ran through the panel discussion that followed.

Martin Hoppe, head of division "Democracy, Governance, Media" at Germany's Federal Ministry for Economic Cooperation and Development (BMZ), welcomed the report as a practical resource. "We need this kind of data," he said, describing how evidence-based arguments are essential when making the case for media support within government structures and to political stakeholders.

But he also pointed to a broader political reality: development cooperation itself is under pressure. In Germany, he noted, as in other countries, skepticism is growing—not only from right-wing populist movements but increasingly from mainstream political actors. Convincing decision-makers and the broader public, therefore, requires more than statistics. "We need the storytelling," Hoppe said.

The report acknowledges this need. Alongside aggregate data, it offers concrete examples that translate abstract value into tangible outcomes. One such case comes from Uganda, where the publication of school funding allocations in local newspapers dramatically improved transparency. Once citizens could see what resources were meant to reach primary schools, they began to demand accountability. As a result, the share of funds actually reaching schools rose from 13 percent to 80 percent, a striking illustration of how journalism can directly improve governance.

From evidence to impact: what comes next

A shared conclusion emerged: the value of journalism is evident across domains—from the economy and society to security and crisis response. But visibility alone does not guarantee support.

What became equally clear is that much more research is still needed to deepen and sharpen this evidence base, and to make it resonate with different audiences, from policymakers to the public. Policymakers may respond to data, but broader support also depends on whether people understand how journalism affects their daily lives, their communities, and their futures.

As Khadija Patel from the International Fund for Public Interest Media (IFPIM), one of the commissioners of the study, put it: "Journalism is not a luxury." On the contrary, it is essential to people's lives everywhere.