In a submission to the federal Senate standing committee on Environment and Communication, start-up “The New Daily” has called for the adoption of the federal governments proposed “Mandatory Bargaining Code” to ensure that digital platforms such as Facebook help finance content being created by news outlets.
The submission states that “the funding model for journalism must evolve to ensure that the users of the journalism pay its creators,” noting that there is “currently little incentive for new Australian voices providing public interest journalism to launch in the Australian media landscape.”
As a new entrant to the Australian media landscape and a digital only publication, we have seized the opportunity offered by low cost-digital distribution and are acquiring the scale needed to build a sustainable business model. But like others, we are challenged by…the weakening of the advertisement supported business model ” the submission states.
The New Daily was set up seven years ago by industry superannuation funds, to assist funds engage with their members and to lift the financial literacy of readers.
Readership of the publication, which is distributed by super funds and others has also grown rapidly through direct subscriptions. Readers who receive the publication through their superannuation fund say receiving The New Daily makes them more likely to recommend their super fund to family and friends.
The New Daily senate submission pointed out that the outlets subscription base was now 1.75 million, an increase of 27% in the last 12 months. The New Daily remains the only Australian digital news native to ever break into the Nielsen ratings top 20.
The New Daily recently won its first Walkley award, for “scoop of the year.”
A just concluded major survey of TND readers has found that 96% of subscribers agree that they trust The New Daily. 97% of readers agree with the proposition that “The New Daily is a valuable source of news” and 77% say that the outlet improved their understanding of financial literacy and financial issues.
Copies of The New Daily’s submission to the Senate standing committee on environment and communications inquiry into media diversity in Australia can be found here.