The National Wales business plan was reliant on subscribers, advertising and commercial partners to generate its revenues. It wasn’t expected to be profitable until its third year of operation
Unfortunately, the economic climate put paid to its development, with its publishers Gannet/Newsquest Media unwilling to continue funding during its development phase. Gannet, the parent company, posted losses in August 2022 and forecast further losses, this led to cuts across the business globally.
We are preparing a detailed 5-year business plan and ensuring that the funding is in place for the duration of that period, this will ensure the business will have the capacity to deliver the required services until it becomes profitable. Once it reaches profitability it will be in a position to pay back any deficit created during the first three years of operation and be able to reinvest in the business by employing more journalists and improving the quality and depth of service. It will also allow us to invest in new community media ventures creating work opportunities locally and improving news coverage at a hyperlocal level.
For the business to succeed and grow it needs to be a for-profit, and all profits will be reinvested in the business and will allow for us to support new community ventures and not line the pockets of shareholders and pension fund managers.
We will be completely transparent, publishing our accounts alongside our annual report, and you will be able to interrogate and challenge its content at our Annual General Meeting which will be open to all shareholders. You will know exactly what your investment and subscriptions are funding.
We want to create something substantial, something that can influence Wales in the now and the future. We want to build something that’s owned by you and the people who work for the service. That’s why we’re creating a co-operative company to deliver Talking Wales.
We will be looking to raise an initial £500,000 via a share issue where you will be able to become a member with full voting rights at the company’s Annual General Meeting. This funding will allow us to employ the 20 staff, journalistic, technical and administrative required for the service launch.
Your support is required to fund the initial stages of development and once up and running you will be able to convert your donations into the purchase of shares in the business.
A lot of time and effort is going to be required in a relatively short space of time in order to make this happen and for it to become a success.
Since the 1st of September 2022 Talking Wales has become the sole focus of Project lead Huw Marshall, your financial support via patreon funds this full-time work until the first share issue is concluded.
At that point the need for New Media Wales will no longer be required.
Your support is greatly appreciated and valued, and you can become a supporter here.