The rise of Romanian investigative and NGO media: new business models and financial security for online media

Vladimir Mitev

Summary

Paper for the Sixth Conference on Media Models and Media Security, held at the University of Sofia (January 2026)

1. Context and Emergence of the New Model

Traditional journalism is facing a funding crisis due to corporate and political pressures. In Romania (during Klaus Iohannis’s terms in office), an alternative media model is developing, supported by strong civic engagement and high media consumption.

Unlike Bulgaria, where the existence of the middle class is disputed, in Romania it has grown from 52% (2007) to 61% (2023), according to Eurofound. This emancipated urban middle class sees itself as the driving force behind modernization and actively invests its own resources in press freedom.

2. Characteristics of the NGO Media Model in Romania

Legal form: They operate as nonprofit nongovernmental organizations (NGOs)—all revenue is reinvested in investigative journalism.

Funding: A diversified model, based on numerous small but regular donations from the public.

Social impact: Investigative journalism generates strong institutional pressure, leading to concrete political and personnel changes within the administration.

Legal framework: Romanian law allows individuals to direct up to 3.5% of their income tax to an NGO of their choice. This culture of giving is also demonstrated by the construction of a children’s hospital, fully funded by citizens, at a cost of 53 million euros.

3. Leading independent media platforms

Recorder: The most successful investigative journalism publication, with a massive digital community (nearly 1 million YouTube subscribers by mid-2026). For 2023, it has a budget of 1,325,812 euros, of which 90% comes from donations from citizens and companies (only 5% each from advertising and international grants). Notable investigations: secret media funding by political parties, President Johannis’s luxury flights, and fraud at the construction giant Nordis.

Snoop: It was launched in April 2024 by Cătălin Tolontan and his team, who left the newspaper Libertatea en masse due to attempts at censorship by the gambling industry. Notable investigations: the financial disclosures of over 3,000 mayors; networks of Russian influencers supporting Călin Georgescu; and sexual harassment at universities in Bucharest.

Buletin de București: Founded by the NGO Funky Citizens, with a focus on local corruption in Bucharest and Ilfov County, as well as on the detention conditions of Romanian migrants in the United Kingdom.

Context.ro: Created by international investigative journalist Attila Biro (known for his collaboration with the Bulgarian platforms Bird and Bivol). It sheds light on Russian and Israeli ties in the election campaigns of Mircea Geoană and Călin Georgescu.

4. Advantages of the Model and Technological Innovations

Independence: Complete freedom from corporate censorship, sensationalism, and clickbait. Time resources for in-depth investigations lasting several months.

Social renewal: Thanks to the investigative press, Romanian society is renewing itself by condemning corruption, abuses of power, and failure to uphold professional standards

5. Media Innovations

New Formats: Large-scale development of thematic newsletters (on platforms such as Substack) and the organization of the international conference “The Power of Storytelling.”

AI integration: The active use of artificial intelligence to create political satire (the “Maestro Manele” project) and AI-generated animations by niche communities (e.g., animal rights activists).

6. Comparative Analysis and Conclusions for Bulgaria

The Bulgarian media market exhibits serious structural deficiencies compared to the Romanian one:

Segmented audience: Society is divided into isolated information bubbles (outside of which there is an “information desert”); there is a lack of a culture of donations to public causes and the press; and mistrust runs deep.

Market deficiencies: The lack of specialized and sustainable investigative media, as well as the absence of broad public resonance in the wake of exposés. Bulgarian influencers isolate themselves in their “bubbles” and avoid deep social issues, perpetuating a stagnation in public debate that has lasted for decades.

Key questions for the future of Bulgaria’s media space:

Is cross-border journalism the only solution to compensate for the small domestic market?

Can European grants replace, in the long term, the local culture of donations, which is lacking?

Does Bulgarian society have the will and awareness necessary to demand and support a new type of independent media?

Publication

Introduction

Contemporary journalism faces a profound crisis in its traditional sources of funding, which are largely controlled by corporate or political interests. In the context of Eastern Europe, and more specifically during the terms of Romanian President Klaus Iohannis, entirely new media models have taken root in our northern neighbor. These models are based on the specific and deep public engagement with media content that characterizes contemporary Romanian society. Romanian citizens are distinguished by an exceptionally high level of media consumption; they read and listen to their national media en masse and are highly attuned to the processes taking place in their society. This creates fertile ground for the development of independent investigative platforms that rely on direct financial support from the public.

The Significance of the Romanian Experience for the Bulgarian Context

Studying the Romanian model is of critical importance for Bulgarian researchers and practicing journalists due to several key and obvious parallels between the two countries. Bulgaria and Romania have followed a similar historical and political path from 1944 to the present. Both countries joined NATO simultaneously in 2004, became members of the European Union in 2007, and their integration into the Schengen Area was fully completed in 2025.

Both countries operate under similar European legislation and have similar legal and regulatory institutions. Social phenomena and internal conflicts within both societies also show a very high degree of similarity.

Despite these institutional similarities, however, the outcomes in the media sector differ significantly. The emergence and rapid development of successful investigative and non-governmental media in Romania are directly linked to the rise of the urban middle class. According to Eurofound, Romania experienced the largest growth of the middle class in the EU during the period 2007–2022. From 52% of the total population in 2007, the middle class in Romania grew to 61% of the total population in 2023.

In contrast to the situation in Bulgaria, where many even dispute the existence of a genuine, emancipated middle class, the Romanian middle class explicitly identifies and sees itself as a leading force in the processes of social modernization (for example, the protests at the end of 2025 in support of judicial reform or those of 2017, which opposed the redefinition and halting of the fight against corruption), which motivates it to invest its own funds in upholding media freedom. 

Characteristics of the New Romanian Media Model

The new Romanian media are distinguished by specific structural and financial characteristics that set them radically apart from traditional commercial media companies. First, they operate legally as nongovernmental organizations, which means they do not primarily seek to generate commercial profit for specific owners or shareholders, but rather reinvest their resources back into investigative journalism. The main pillar of their budget consists of diversified donations from readers and viewers, with funding relying on numerous small but regular contributions.

This model generates significant public resonance, as the investigations spark widespread discussions and excitement among the audience, which feels a sense of connection to the content. As a result, institutional pressure intensifies, with the facts revealed provoking a direct and sharp reaction from state institutions and the political system. Ultimately, this leads to genuine reform and the removal of compromised sectors or figures within the country’s government.

Case Studies of Leading Romanian Independent Media Outlets

The success of this new model is most clearly demonstrated by the practices of specific media organizations that have managed to reach a critical mass of followers and achieve full financial independence. The most successful investigative media outlet in Romania is undoubtedly the Recorder Association. The platform has built a massive and exceptionally loyal digital community, with 713,000 followers on Facebook and 975,000 subscribers on YouTube as of early to mid-2026.

The organization’s 2023 financial report demonstrates levels of public support unprecedented in the region, with Recorder’s total revenue for that year amounting to 1,325,812 euros. An analysis of the revenue breakdown shows that a full 90 percent of the funds come from donations by citizens and businesses, while European and international grants and advertising revenue each account for just 5 percent. In its annual report, the media outlet’s team notes that this represents both the highest revenue and the highest percentage of donations relative to total revenue in the outlet’s entire history—a powerful testament to public trust, but also an incentive to do more, which brings with it immense pressure.

Among Recorder’s landmark investigations is the exposure of the mechanisms for the secret funding of the media by Romania’s two major political parties (the Social Democratic Party and the National Liberal Party, which established a model of two-party stabilocracy during Klaus Iohannis’s tenure) through the diversion of state party subsidies, as well as the investigation into the massive public spending on President Klaus Iohannis’s luxury flights by private jet. They also shed light on the large-scale fraud involving the construction giant Nordis and its ties to high-ranking politicians, and conducted in-depth investigations into violence and abuse in protected social housing facilities for children without parents. The outlet’s international recognition is underscored by the fact that in May 2024, its team presented its unique business model at the prestigious International Journalism Festival in Perugia.

Another notable and brand-new project is the Snoop platform, which launched in April 2024. It was founded by the renowned investigative journalist Cătălin Tolontan and his former team from the newspaper Libertatea. Journalists are leaving this publication—Romania’s highest-circulation daily—in droves after its owners attempted to directly interfere with editorial work and censor their investigations into the country’s gambling industry. Catalin Tolontan is an iconic figure in independent journalism; he was also the central character in the Oscar-nominated documentary “Colectiv”. Also in 2024, Iulia Roșu, a member of Tolontan’s team and founder of Snoop, addressed the issues of funding and pressure from the gambling sector during a special presentation at the Faculty of Journalism and Mass Communication.

Despite its short history, Snoop has already achieved landmark accomplishments, including a detailed investigation into the asset declarations of over 3,000 mayors across Romania, the exposure of Russian online influencer networks which supported the radical candidate Calin Georgescu during the annulled presidential election, as well as a large-scale investigation into sexual harassment and systemic violence against female students by faculty members at leading universities in Bucharest.

At the regional level, the media outlet Buletin de București, founded by the leading non-governmental organization Funky Citizens, is doing exceptionally strong work. The focus of this platform is strictly local, with the team reporting on problems, corruption, and administrative violations identified in the municipality of Bucharest and in Ilfov County. Among their most significant investigations are the revelations regarding violations by the Bucharest district mayor, Negoiță, and within the Otopeni city hall. Bulletin de București is also actively investigating the plight of Romanian immigrants and the poor conditions in British migrant detention centers prior to their deportation.

The Context.ro platform is also active in this sector; it is a website founded by the internationally recognized investigative journalist Attila Biro. He is well known to the Bulgarian public through his collaboration with Bulgarian investigative journalists Dimitar Stoyanov and the teams at Bird and Bivol, including in connection with their illegal detention by the police during a joint investigation near Radomir. Recently, Context.ro has achieved significant success in exposing suspicious Russian and Israeli partners involved in the presidential campaign of Mircea Ioana, former NATO Secretary General, as well as in uncovering hidden Russian ties in the campaign of Calin Georgescu.

Specifics of Romanian Legislation and Tax Incentives

The financial stability of Romania’s media sector, which is based on nongovernmental organizations, is not solely due to civic enthusiasm but is supported by a highly effective legal framework. Romanian tax legislation includes a specific incentive that supports philanthropy and civil society. Under current rules, Romanian individual taxpayers have the legal right to allocate up to 3.5 percent of their total income tax to a nongovernmental organization of their choice—including media NGOs—rather than having that money go directly into the state budget.

This widespread culture of philanthropy and trust in the non-governmental sector is giving rise to large-scale social phenomena in the country. A striking example of the power of this trust is the construction of a completely new and modern children’s hospital in Romania, which was built entirely with donations from individuals and private companies totaling 53 million euros, without any contribution from the state budget.

Advantages and Strengths of the Non-Governmental Media Model

An analysis of how these platforms operate reveals several key advantages of the business model based on donations and a non-governmental structure. First, it guarantees complete editorial independence, as the absence of major corporate advertisers or direct government subsidies frees journalists from political or economic censorship. The model enables in-depth and long-term investigations, as teams are not pressured by the time constraints of the daily news cycle and can invest months in researching a single case. Furthermore, it ensures complete freedom from sensationalism and clickbait tactics in reporting, which preserves the serious, professional, and investigative nature of the content.

From the audience’s perspective, this fosters a close connection, loyalty, and engagement among readers and viewers. The journalists themselves derive immense professional satisfaction from knowing that their words have real significance and that their breakthroughs resonate widely with the public. On a broader social level, this model helps society maintain and develop a deep respect for journalistic work, as people are exposed to complex, verified, and high-quality final products.

Technological Innovations and Media Trends in Romania

The Romanian media landscape is evolving extremely dynamically, particularly in terms of technological formats for content distribution. The country is seeing widespread use of newsletters on social issues such as domestic violence and problems in the healthcare system, as well as technology-focused newsletters that actively combat misinformation. Influential Romanian authors on the Substack platform enjoy a large number of paying subscribers. Every spring, the country also hosts the prestigious international conference “The Power of Storytelling,” which brings together over 100 leading authors, leaders, and storytellers from the media, the arts, and business; the 2026 edition will focus on the theme of hope and aim to spur social change.

With regard to new technologies, there is a noticeable increase in the use of artificial intelligence to create original video and photographic content. In Romania, active and successful satire is being produced with the help of artificial intelligence; one example of this is the “group” Master Manele. It produces socially and politically engaged music, drawing on the realities of public life before 1989, during the transition, and today. At the same time, various niche communities, such as animal rights advocates, are building influential propaganda channels on YouTube, where they generate content entirely using AI animation.

It is also interesting to note that the Romanian media landscape features several philosophical solo podcasts in which the hosts offer original content that generates hundreds of thousands of views.

A Comparative Analysis with the Bulgarian Media Landscape

Against the backdrop of Romania’s highly developed, consolidated, and financially stable independent media environment, the Bulgarian media landscape exhibits serious structural deficiencies, which manifest in two main areas affecting both the audience and the media themselves. With regard to the Bulgarian public, several isolated large “bubbles” are observed in the online space, beyond which lies a veritable information desert.

Bulgarian society is deeply marked by suspicion, skepticism, and a profound distrust of causes, which is directly linked to the almost complete lack of a developed culture of philanthropy for public projects and a free press.

These characteristics of the audience are reflected in the state of the media itself in Bulgaria. With one or two exceptions, the Bulgarian market completely lacks specialized and sustainable investigative media outlets. There is also a complete lack of public resonance on a number of issues, since—due to the division of society into isolated information bubbles—events and revelations in one bubble do not affect the audience in the others and remain completely unnoticed by the nation. Finally, Bulgaria lacks mass grassroots movements and strong civic initiatives, which condemns the media of alternative communities to a state of extreme marginalization.

Discussion and Points for Reflection

In conclusion, a detailed analysis of the presented data and a comparison between the two neighboring countries raises several critical questions regarding the future of independent media in Bulgaria. First and foremost is the question of whether cross-border journalism and close international partnerships—following the model of cooperation between Attila Biro and his Bulgarian colleagues—represent the only viable future for Bulgarian journalists, thereby compensating for the lack of a large domestic market.

Second, it is necessary to consider whether the complete lack of public resonance and the systematic absence of a culture of philanthropy in our country can be successfully offset in the long term through intensified and active efforts to secure European grants for journalism.

Finally, the paradox of influencer culture in Bulgaria—manifested in the deliberate isolation and encapsulation of influencers within their own media bubble— must be subject to serious criticism, as this strategy deprives them of the real opportunity to influence the entire environment and change the status quo. Influential figures in our country, at best, simply “massage” existing points of sensitivity in the public consciousness, but they lack the courage or the ability to show that there is something beyond the topics we all know all too well—the struggle of some oligarchs against others, of the West against the East, of communism and anti-communism. For decades, socio-political debates here have been reduced to the same old topics, creating a sense of stagnation and fostering an information fog.

The Romanian experience demonstrates that financial security and true media independence are achieved when journalism succeeds in establishing itself as a key value for dynamic social groups, transforming the reader from a passive consumer into an active participant supporting the transformation of society. To what extent do our politicians or media executives genuinely need society? And to what extent is society itself sufficiently aware to demand a new type of media? These are just some of the questions raised by examining Romania’s experience with new investigative media.

Photo: (source: Pixabay, CC0)

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