this post was submitted on 30 Nov 2024
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Instead, we should implement new mechanisms for funding public goods like news such as quadratic finance. Quadratic finance is a non-market mechanism that enables a decentralized ecosystem of self-organizing public goods producers such as newsrooms. It overcomes the collective action problem of donation-based models by considering the number of people contributing as well as the amount of money contributed. Newsrooms with a large base of popular support receive greater funding
@canada
“Popular” newsroom receiving greater funding is the problem with the current approaches.
Currently popular newsrooms have more viewers, which means more eyeballs on advertising, which generates more ad revenue. It creates an incentive to use fear mongering (because fear keeps people watching the news) and biased news (because most people want to hear news that reinforces their beliefs and they turn off news that challenges them.)
I don’t know what the solution is, but somehow we need to get to a solution where funding favours unbiased factual reporting regardless of popularity.