Media Development Investment Fund has published its Year in Review 2023, a summary of our media development and impact investing work that supported independent media last year. Published annually, the report offers insights into the performance of our portfolio, our clients’ critical journalism and information-sharing work, press freedom issues and other updates on what’s happening in and around MDIF.
Read the full Year in Review 2023 (formerly Portfolio Review) and view the summary Year in Review infographic.
$14.3m
in new investments in 2023
$162m
assets under management
62
media companies invested in
34
countries worked in
Dedicated to building free media
Against a background of a decline in press freedom and the rise of authoritarianism worldwide, 2023 was another challenging year for independent media companies, and our diverse team of 49 multinational staff members, including 59% women, worked hard to provide investment and strategic support to clients.
With multiplying technological and business challenges adding to the pressure on independent media, our mission is more important than ever. To support our goal of strengthening media independence, we are committed to innovating around the twin pillars of affordable financing and strategic support.
Harlan Mandel, CEO, MDIF
No-strings-attached financing for media growth
In 2023, we continued providing debt and equity financing to help independent media build strong, viable businesses and safeguard their editorial independence. We invested a total of 14.3 million in 19 independent media companies in Africa, Asia, Europe, Latin America and MENA, including six new clients.
Investing in diverse media
We finished 2023 with $162 million in total assets under management and a portfolio of 62 independent media businesses in 34 countries. Our portfolio was truly global: 33% of our clients were in Europe, 24% in Asia, 19% in Americas and 24% in Africa and MENA region.
Our investments supported the work of more than 10,505 media workers, with 51% average female representation among clients’ staff. Additionally, 63% of MDIF-supported media organizations were recognized with awards, with at least 127 honours and accolades received.
More than financing
In addition to investments, we provided business and management support to 101 companies through Media Advisory Services (MAS), our capacity-building unit, and worked with 122 partners across eight media support projects. Through these efforts, we delivered a combined total of $5 million in tailored technical assistance and TA grants in 2023, further reinforcing our dedication to fostering a thriving media ecosystem.
In addition to continuing work under existing funds and regional programs, we embarked on several new initiatives, including launching the Polish Regional Support Program to support the business development of local media in the country’s regions.