Follow the Money has almost 50,000 paying members. Can its model work across Europe?

Dutch investigative outlet Follow the Money has achieved what many modern media organisations strive for: a sustainable, member-funded business model. Since its shift in strategy a few years ago, the platform has grown into a formidable newsroom known for holding power to account. With a strong foothold in the Netherlands, it is now embarking on its most ambitious project yet – replicating its success across Europe.

The Fix discussed building a self-sustainable investigative media outlet with Follow the Money’s editor-in-chief Harry Lensink.

From a “heaven for freelancers” to a 50-person newsroom

When Harry Lensink joined the editing board four years ago, Follow the Money was primarily a platform for freelance journalists. “I think it was kind of a heaven for freelancers,” he tells The Fix, but this model presented challenges.

“The flip side was that it's not that easy to control and to have a long-term dedicated relationship with freelancers who work for other titles also,” Lensink explains. The quality of articles was sometimes volatile, making it difficult to raise the overall standard of publications.

To address this, the leadership decided to bring journalists in-house, offering them full-time contracts. “The team decided it would be better to have people bound to Follow the Money and give them a contract,” says the editor-in-chief. “I think that raised the level of the publication, the quality of the publications enormously”.

This strategic shift fueled significant growth. The team expanded from around 9 employees four years ago to nearly 50 today. The newsroom now includes about 25 journalists, a three-person data team, and a six-person office in Brussels dedicated to European affairs alongside the main office in Amsterdam.

While the Amsterdam-based team is 90% Dutch and primarily speaks Dutch internally, the Brussels office is staffed by a team that is two-thirds non-Dutch employees and operates mainly in English.

A business model that relies on loyalty, not clicks

The outlet’s financial strength comes directly from its readers. An impressive 80-90% of its budget is financed by its community of almost 50,000 paying members. This loyalty is fostered by a paywall strategy.

When Follow the Money first introduced a paywall around 2018, it was a hard barrier. However, the model was later adjusted to allow free access to any article for the first 24 hours after registering an account. This approach allows potential readers to sample the quality of the journalism, encouraging them to subscribe.

While the outlet’s goal is to be completely independent, the remaining 10-20% of its income currently comes from institutional funding, ranging from €300,000 to €500,000 annually. This money is specifically used to finance “experimental positions” and projects like the international rollout, video, and audio without the immediate pressure of generating revenue.

The success of this model is built on the audience’s belief in the outlet's mission. “Many members are not frequent readers, but they think a platform like Follow the Money has to exist to get the balance straight, like the fourth power in society,” Lensink notes.

A key factor in its broad appeal is its non-partisan stance. “We're quite neutral, and we have a following from left-wing to right-wing and everything in between because we publish without any ideological undertone,” the editor-in-chief states.

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A politician fired 24 hours after the publication

Follow the Money generates its stories by looking for investigative angles on current events, leveraging Freedom of Information Act requests, and acting on tips from whistleblowers. The impact of its work is often felt at the highest levels of government.

Harry Lensink shares that their investigations are frequently cited in the Dutch parliament. “What we see is that [members of parliament] use our research many times... it's on a weekly basis that such things happen,” he says.

The consequences can be swift and significant. In one instance, the outlet published a major story on misconduct by a leader of a major political party. “When we put that story out, it didn't take long before he was finished,” Lensink recalls, noting the politician was removed from his position.

The next frontier – taking the model Europe-wide

The primary strategic goal for Follow the Money now is its international expansion. The team believes a sustainable revenue model would work if they could reach just 0,01% of the 450 million Europeans.

The main challenge is identifying the topics and investigations that will resonate with a diverse, pan-European audience. “We hope and think that there is an audience... people with an international focus, with geopolitical interests, if we find them, I think that would be a great leap forward for Follow the Money,” says the editor-in-chief.

Another hurdle is navigating the varied legal landscapes across the continent, as media liability laws in countries like the United Kingdom or Germany are far stricter than in the Netherlands. To navigate these challenges, the outlet is focused on building a network and collaborating with other investigative platforms. As Lensink puts it, “The international scene is our fishing expedition.”

Source of the cover photo: courtesy of Follow the Money