Beyond the Byline: Top 10 Revenue Sources for Freelance Journalists and Writers to Expand Earning Potential
By John Byrne, co-founder & CEO at Writers’ Bloc.
In today’s dynamic and ever-changing media landscape, freelance journalists need to be as adept at monetising their skills as they are at crafting a compelling narrative.
If you harbour any hopes of surviving and thriving as an independent, you’ll need strong commercial competencies.
This guide explores the top 10 revenue streams that can transform your journalism career from a passion project into a booming business.
Most you’ll know and love, some might be new to you – all of it is valuable information to know.
We’ll start with some more traditional approaches, then move into more recent trends, to cover most of the opportunities available to journalists and writers.
1. Contributing to Publications
What it is: Writing articles, features, or columns for established magazines, newspapers, or online publications. The bread and butter work for journalists.
How it works: Pitch story ideas to editors or respond to calls for submissions. You’re paid per piece or sometimes on a retainer basis for regular contributions.
Example: Freelance journalist Roxane Gay contributes to publications like The New York Times, Time, and McSweeney’s, covering a wide range of topics.
Success story: David Grann, a staff writer for The New Yorker, built his career through captivating long-form pieces for various publications before becoming a bestselling author.
Pitfalls to avoid: Don’t undervalue your work – negotiate fair rates. Also, be wary of publications that demand all rights to your work, limiting your ability to repurpose or resell the content.
Pro-tip: Act like a business to get treated like a business. Never work for free (or for “experience“), and always understand the terms of your contract before signing it.
2. Book Writing and Publishing
What it is: Authoring full-length books, either traditionally published or self-published, to showcase your expertise and generate income.
How it works: For traditional publishing, secure a literary agent and pitch your book idea to publishers. For self-publishing, write your book and use platforms like Amazon KDP to distribute it.
Example: Journalist Michael Lewis has written numerous bestsellers, including “Moneyball” and “The Big Short,” which were later adapted into successful films.
Success story: Ezra Klein, co-founder of Vox, published “Why We’re Polarized” in 2020, further establishing his credibility as a political analyst and opening up new speaking and commentary opportunities.
Pitfalls to avoid: Don’t expect immediate financial success – book writing is often a long-term investment in your brand and expertise. For self-publishing, ensure you invest in professional editing and cover design to compete with traditionally published books.
Cautionary tale: Michael Lewis, a world-renowned journalist and author, lost some of the shine from his halo, after the book he wrote about Sam Bankman-Fried (SBF) and the FTX corporate fraud scandal was poorly received by critics and readers alike. Many felt he had been seduced by SBF’s tall-tales and fabled ambitions – all of which in court turned out to be proven fraudulent.
3. Television and Radio Appearances
What it is: Leveraging your expertise to appear as a guest, commentator, or regular contributor on TV or radio shows.
How it works: Build relationships with producers and position yourself as an expert in your field. Appearances can be paid directly or serve as powerful marketing for your other ventures.
Example: Journalist and author Malcolm Gladwell frequently appears on news programs and talk shows to discuss his work and provide commentary on current events.
Success story: Fareed Zakaria parlayed his expertise in international relations into a successful career that includes hosting his own CNN show, writing for The Washington Post, and authoring bestselling books.
Pitfalls to avoid: Be prepared for the fast-paced nature of broadcast media. Develop the ability to communicate complex ideas concisely and engagingly. Also, be cautious about becoming overly associated with a particular political stance, which could limit future opportunities.
Inverse of the Law: Tucker Carlson is great example of someone who has done the inverse; he left Fox News to become an independent media voice, and has enjoyed reasonable commercial success since doing so, culminating in an exclusive televised interview with Vladamir Putin (the merits of which can be debated another time).
4. Syndication and Licensing
What it is: Selling the rights to republish your content to other publications or platforms.
How it works: After initial publication, you can license your articles, photos, or videos to other media outlets, expanding your reach and creating additional revenue from existing work.
Example: The Associated Press syndication service allows publications to republish AP content for a fee.
Success story: Maria Popova’s Brain Pickings (now The Marginalian) has successfully licensed content to major publications, expanding her reach and revenue streams.
Pitfalls to avoid: Be cautious of exclusivity clauses in initial publication contracts that might limit your ability to syndicate. Always retain the rights to your work whenever possible.
Useful resource: check out Creative Licensing International for practical tips and useful advice on licensing and copyright.
5. Speaking Engagements and Workshops
What it is: Monetising your expertise through public speaking opportunities and educational workshops.
How it works: Offer your insights at industry events, conferences, or educational institutions. This can range from keynote speeches to interactive workshops.
Example: Investigative journalist Ronan Farrow, known for his work on the Harvey Weinstein scandal, frequently speaks at journalism schools and conferences about investigative techniques and the state of media.
Success story: Carole Cadwalladr, the journalist who broke the Cambridge Analytica scandal, has become a sought-after speaker on topics of technology, democracy, and journalism. Similarly, Tristan Harris has become a de-facto journalist and high-profile speaker, after he released an award-winning documentary about the most pernicious elements of social media, “The Social Dilemma”, and subsequently spun-out a related podcast to complement the documentary, called “Your Undivided Attention”, and also founded the Centre for Humane Technology.
Both Cadwalladr and Harris appear regularly on stage at key events and are invited to appear on many other podcasts related to media, technology, democracy, journalism and more, speaking about the core topics they cover.
Pitfalls to avoid: Don’t undervalue your time and expertise. Set clear boundaries and rates that reflect your experience and the value you provide. Also, be prepared for the additional workload that comes with creating and delivering presentations.
6. Podcasting
What it is: Creating and monetising your own audio content or contributing to existing podcasts.
How it works: Develop a podcast around your area of expertise. Monetise through sponsorships, listener support (e.g., Patreon), or use it as a marketing tool for your other services.
Example: The Daily by The New York Times has become one of the most popular news podcasts, demonstrating how traditional media can successfully adapt to new formats.
Success story: Kara Swisher and Scott Galloway’s Pivot podcast has become a go-to source for tech and business analysis, complementing their other professional activities and enhancing their personal brands.
Pitfalls to avoid: Don’t underestimate the time and resources required to produce a high-quality podcast consistently. Also, be patient – building a substantial audience often takes time.
Hot take: People love podcasts; give the people what they want. If you produce and publish 21 podcast episodes, you are in the top 1% of podcasters. The bar is low, go forth and podcast; your persistence will be rewarded.
7. Premium Subscription Newsletters
What it is: A curated, in-depth newsletter on your area of expertise, delivered directly to paying subscribers’ inboxes.
How it works: You create regular, high-value content that subscribers pay to access, often on platforms like Substack or Revue. This model leverages your expertise and direct relationship with your audience.
Example: Ben Thompson’s Stratechery (https://stratechery.com/) offers deep analysis of tech and business strategy, charging $12/month or $120/year for access to daily updates.
Success story: Casey Newton, former editor at The Verge, launched Platformer (https://www.platformer.news/) in 2020. His success stems from his deep tech industry knowledge and ability to provide unique insights on social networks and democracy.
Pitfalls to avoid: Don’t underestimate the work required to consistently produce high-quality content. Many fail by setting unsustainable publishing schedules or neglecting audience growth strategies.
8. Online Courses and Digital Products
What it is: Leveraging your expertise to create educational content or digital products for aspiring journalists or professionals in your niche.
How it works: Develop and sell courses on platforms like Teachable or Udemy, or create and market e-books, guides, or templates related to your area of expertise.
Example: Poynter Institute offers a range of online courses for journalists, from ethics in journalism to data visualisation techniques.
Success story: Ann Friedman and Aminatou Sow, journalists and co-hosts of the Call Your Girlfriend podcast, self-published “The Shine Theory Handbook,” a guide to professional relationships that complemented their other work.
Pitfalls to avoid: Don’t underestimate the time investment required to create and market a course or digital product. Ensure your offering provides unique value that can’t be easily found for free elsewhere.
Pro Tip: If you are creating a course, the quality of the content must be absolutely stellar. There are so many options, alternatives and substitutes today, that it’s very easy for your audience to switch. Avoid the switch by producing great content for your course – as with your articles and all your other content!
9. Consulting Services
What it is: Offering your expertise directly to businesses, organisations, or individuals in need of journalistic or media-related advice.
How it works: Provide services such as media strategy consulting, editorial guidance, or training in journalistic techniques to clients on a one-on-one or group basis.
Example: Jay Rosen, journalism professor at NYU, frequently consults with news organisations on innovation in journalism.
Success story: Jeff Jarvis, a journalist and professor, has built a successful career consulting with media companies on digital strategy, alongside his writing and teaching work.
Pitfalls to avoid: Clearly define the scope of your services to avoid scope creep. Also, be cautious about potential conflicts of interest that could compromise your journalistic integrity.
10. Crowdfunding for Special Projects
What it is: Using platforms like Kickstarter or Patreon to fund in-depth, long-form investigative journalism projects.
How it works: Present a compelling pitch for your investigative project and invite your audience to fund its development, often with tiered rewards for different contribution levels.
Example: The Ferret, a Scottish investigative journalism platform, successfully uses crowdfunding to support its reporting projects.
Success story: Jessica Lessin founded The Information, a technology news site, which initially used a crowdfunding model to support its in-depth reporting before transitioning to a subscription model.
Pitfalls to avoid: Be realistic about funding goals and project timelines. Overambitious projects that fail to deliver can damage your reputation and future crowdfunding potential.
Key Platforms for Monetisation: Patreon / KickStarter / GoFundMe / Buy-Me-A-Coffee / YouTube / TikTok / Substack / Medium / Udemy / Teachable.
By diversifying your revenue streams with these options, you can build a more stable and lucrative freelance journalism career. Remember, the key to success lies in consistently delivering value, maintaining your journalistic integrity, and staying adaptable in an ever-changing media landscape.
For more insights on thriving as a freelance journalist, check out the Freelance Journalists’ Union resources: https://freelancejournalistsunion.org/resources/
Remember, ethical considerations are paramount in journalism.
Always adhere to the Society of Professional Journalists’ Code of Ethics (https://www.spj.org/ethicscode.asp) when exploring new revenue streams.
Similarly, Impress (UK independent regulator) has a comprehensive guide to standards and practices in reporting, and how to apply them in your work; you can learn more about it here: https://www.impressorg.com/standards/impress-standards-code/our-standards-code/.
Your credibility is your most valuable asset – protect it fiercely.
After that, the opportunities are endless.