Magnús Magnússon praises subscription model success for Skessuhorn amid funding challenges in Iceland

Magnús Magnússon, editor of Skessuhorn, reflects positively on the media outlet’s experience with subscription services since launching about a year and a half ago. He encourages similar news organizations to pursue subscription models, emphasizing that it is crucial for the public that media outlets remain operational.

With the deadline for private media applications for state funding approaching, Magnús notes that 530 million Icelandic króna has been set aside for this purpose. Last year, 28 media companies applied for 962 million króna, but only 470 million was available for distribution. Magnús highlights that despite the challenges, introducing subscription options has proven beneficial for Skessuhorn, as it generates revenue that was previously unavailable.

The website, which has provided online news for over 25 years, previously operated purely on advertisement revenue. Now, it offers subscriptions at a modest price of 2,000 króna per month, which has been well received. Magnús critiques Iceland’s funding system, pointing out that private media in the country are receiving less support than their Nordic counterparts, making sustainability a complex issue.

He insists that media should not merely rely on state aid, as robust funding is vital for maintaining operational independence and the watchdog role of journalism. He calls for a stronger commitment from the government to support private media, asserting that this support is necessary for the survival of the fourth estate, emphasizing that without it, public trust and accountability could be at risk.