How Voxeurop converts subscribers into shareholders 

News publishers are leaving no stone unturned to connect with their communities as they are trying to build a sustainable business model. A fascinating case study is the cooperative media venture Voxeurop. Voxeurop is a decade-old European media outlet that is managed by a press cooperative. In recent years, Voxeurop has become an example for media organisations seeking independence and sustainability. 

A couple of years ago, Voxeurop invited readers to buy its shares, allowing them to become a part of the publication and support its journalism more actively. Voxeurop has conducted two such drives since 2021 and both have proven to be fairly successful for the publication. Unlike traditional media businesses that have typically relied on high-net-worth individuals or investment firms for their funding needs, Voxeurop chose to opt for a model that harnesses the power of collective ownership.

We looked into how the cooperative model has fared for Voxeurop and the lessons it holds for other media publications. 

The beginnings

Voxeurop first adopted this approach in 2021, when it offered shares to its subscribers and existing shareholders. This initiative was largely about taking a community approach towards shareholders. Voxeurop was pleasantly surprised when individuals already engaged with its brand through newsletters and social media showed genuine interest in acquiring its shares. 

In 2023, the media outlet conducted this initiative again as a means of fundraising. It attracted nearly 200 shareholders from 27 different countries. The campaign, which focused on selling 250 shares at €100 each, successfully raised €25,000; all available shares of Voxeurop are now fully subscribed.

The idea of selling shares to subscribers wasn’t a new one for Voxeurop, but the media outlet’s experience has certainly made it one of the more popular publications running on a cooperative model. Paul Salvanès, Voxeurop’s CEO, told us: “It’s a good option for independence, as you cannot ask billionaires to invest billions, so the cooperative model is a good opportunity also to request support from foundations, in-person donations, and also to add readers as stakeholders and invest in the project that they believe is important”.

Some shareholders have already reinvested or brought in new contributors, demonstrating their commitment and active participation.

In the cooperative model, the ecosystem typically comprises various stakeholders including journalists, translators as well as readers. In the case of Voxeurop,  the cooperative model has empowered journalists, the readers as well as helped the publication develop a new funding avenue. This new structure has also ensured a mix of diverse revenue streams including subscriptions, donations, foundation funding and business-to-business services like translation and editorial services.

At the same time, however, the cooperative model funding is relatively slower when compared to startup media. And while that may be frustrating at times, especially when many projects are on the horizon, Salvanès believes that it ensures that the development is solid, independent and has a robust foundation.

Additionally, the support isn’t limited to financial aspects but also extends to fostering relationships and knowledge exchange. The primary advantage of this approach lies in its ability to foster a strong sense of community, an aspect that is particularly important for media outlets that may struggle to compete in terms of reach against syriven platforms.

The importance of a community

The relationship between Voxeurop and its readers-cum-shareholders is multifaceted and dynamic. The former actively seeks the opinions of these readers through various means and recognises the value of their inputs. The publisher conducts polls to gather their perspectives on certain subjects. There are some shareholders who express a preference for limited involvement beyond financial support, but their views are still important.

Outside of polls, events are a more direct and interactive platform for engagement. Shareholders contribute with ideas and questions, demonstrating their interest and involvement in the media outlet’s activities.

There are also formal events in the form of annual general assemblies where shareholders can submit questions and comments in advance. These assemblies are complemented by around nine other events every year which offer opportunities for deeper engagement on various subjects.

Voxeurop has plans to organise smaller, more specialised workshops as well, similar to a few conducted in the past. These workshops will focus on subjects like translation or business models, offering learning and engagement opportunities.

At the moment, Voxeurop’s approach is deliberately open-ended, in a bid to provide a framework within which shareholders can bring new ideas and surprises. 

A quick word of caution

In all this, Voxeurop knows that it needs to balance its community ambition in a sustainable manner. While keen to involve shareholders as much as possible, the media outlet must consider the resources and time required to keep up with such activities, particularly when there is a multilingual community in the play. There is a lot of complexity and effort involved in maintaining a diverse and widespread shareholder base. This balancing act is crucial to ensure that the initiative continues to thrive without becoming a problem.

However, the most critical aspect of this is the preservation of editorial independence. That means a clear separation between editorial and the publication’s many shareholders. To ensure this, Voxeurop has established surveillance boards composed of journalists, to be able to ensure that editorial decision-making cannot be led or influenced by the shareholders.

Looking ahead, Salvanès tells us that Voxeurop is considering this model as a long-term strategy, even as it continues to have other revenue streams such as subscriptions and donations. The publication plans to run similar initiatives every year, with a focus on assimilating new shareholders. The goal is the same: to cultivate these shareholders into active community members or even ambassadors. The cooperative model in media, as demonstrated by Voxeurop, seems to offer a promising pathway for ensuring press freedom and financial sustainability. By involving readers and subscribers in the ownership and decision-making processes, this model stands out in the community-driven approach to journalism. While it requires careful balancing of investment, growth and editorial independence, cooperative media stands out as a resilient and innovative approach to upholding quality journalism in the digital age.

Source of the cover photo: Jr Korpa via Unsplash

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