New Matilda’s new funding model makes a promising start
Political comment site New Matilda is more than 10% of the way to raising the cash in needs to continue its latest incarnation, after just three days of fund raising, the title said today.
New Matilda closed in June but returned earlier this month, saying that it would try a new business model – seeking voluntary funding from its readers.
Last week editor Marni Cordell told readers:
“I have bought the business and am working with Catriona Menzies-Pike, another member of NM’s core team, to relaunch the site.
“For now, we are working on a bare-bones budget from a pokey office above a pub in Sydney. We are taking a gamble and will be relying on your support to make it happen.”
The site is aiming to raise $175,000 by the end of the year to set it up for a full relaunch in 2011.
Comparing the model to that of a public radio station, Cordell said: “Since we announced our relaunch as a user-pays site, a number of people have asked if we will be paywalling content. The answer, at least in the short term, is no. We’ve made this decision because we want our stories to have a life beyond our corner of the internet and, more importantly, because we can’t afford to limit our audience to people who already know they like us.”
Today, New Matilda said it has already had received $22,500 through 239 individual donations. This has since risen to nearly $25,000 – 15% of the target with 47 days to go..
The site is suggesting that rank and file readers donate $80. Those wishing to support New Matilda can do so through Fundbreak.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Catriona certainly impressed this morning at Fastbreak. Perhaps not NMs target market, but it was fresh to see an honest perspective of what success might look like following a failure.
Kudos to them, I hope it gets up
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weird they wouldn’t go down the road of more traditional fund raising. do those who donate get equity in the business?
if it’s a capital raise (which it is when you look past the fundraising tone) you’d expect some sort of share for a contribution. not just movie tickets.
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I thought this had something to do with the Australian women’s football team… How disappointing…
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