CEO of ‘Daily Maverick’ describes ‘endless staircase’ as media industry struggles to survive

PICTURE: Styli Charalambous, CEO, Daily Maverick

DAILY MAVERICK

Dear Daily Maverick readers,

This is not an easy message to share, and frankly, I wish we weren’t in a position where it needed to be said.

By now, you may have seen that we’ve begun a process to reduce Daily Maverick’s operating costs by 15% – a decision we’ve made only after exhausting every other possibility.

I’m frustrated and angry that the industry we work in – one that creates so much impact, and at times feels like it’s holding the line for democracy – continues to face such significant struggles. It’s hard to accept that despite all the value journalism offers society, for all the risks our colleagues take on for others, our industry continues to shed jobs. I am also disappointed in my inability to avoid this situation for our team.

To be forced to say goodbye to some of our valued team members is gut-wrenching. For an organisation that thrives on collaboration and the commitment of every individual, this impacts us all. It’s personal. And as much as we’ve tried to protect everyone from the harshest outcomes, the reality is, some retrenchments are inevitable.

Because of the market context that we operate in, it is eight times harder to do what we do than in developed countries. And even they are struggling.

Our team has been operating on a lean startup model for years, trying to make the impossible happen. We’ve managed to build something powerful, meaningful and resilient in a context that is infinitely more challenging than most people realise.

But it often feels like climbing an endless staircase, with a backpack laden with bricks.

I often ask myself: How is it that we, as an industry, are still struggling this much? Why must journalism, something so essential to democracy, face constant economic hardship?

The reality is that the market and policies are broken, and without urgent reform, the sustainability of journalism will continue to elude us. We need incentives that will encourage more people to choose journalism, more businesses and donors to support this effort that helped save South Africa from collapse.

While this news is hard to share, I want to assure you that Daily Maverick is not closing down. These measures are designed to ensure we continue our work – public service journalism that serves all South Africans, regardless of their income and ability to pay.

We’ve navigated crises before, and I’m confident we will do so again.

Styli Charalambous
CEO, Daily Maverick

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