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Since we launched, The Assembly has always run pretty close to the edge. We’ve grown quickly and worked to fill key needs with our reporting, whether at the statewide level or in the five cities where we now have local teams.
Every week, 125,000 readers get our newsletters across the state, often spending an average of four minutes or more on deep-dive stories. Our reporting has shaped congressional actions, launched audits of public funds, and had material impacts on big statewide elections.
Journalism is a tough business, and we face new challenges every day. But with really good reporting, from journalists who know their beats and can spend real time on stories, we’ve built a pretty compelling outlet where you can read smart reporting about nuanced topics.
This spring, however, things got more complicated. Markets have been volatile, tariffs prompted some of our vendors to raise costs, and local businesses are reevaluating their marketing budgets as recession concerns loom.
In late April, we started a series of scary talks with our team about the reality of our economic moment. “Things are getting bad out there,” we said. “Here’s what we’re seeing, and here’s what we plan to do about it.”
The volatility has settled a bit over the last 30 days, at least for a moment. But we can’t take that for granted. We don’t have the luxury of a reserve fund. As we head into an uncertain time, our numbers have to work month over month and quarter over quarter.
We know Assembly readers are a curious bunch, so we want to tell you what our economic reality looks like right now.
We rely on four revenue streams. Here’s where things stand with each.
🤝 Subscriptions and Memberships
Readers who financially support our journalism on a regular basis.
The news here is good. Our readers are stepping up, and this income is increasing each quarter and each year. In the first quarter of this year, we had twice as many new subscribers as we did in the same time period last year.
🏬 Local Advertising
Businesses, particularly arts institutions, health care, non-profits, and local shops, who advertise in our city-level newsletters and products to build their brands and get folks to engage.
We’ve seen challenges here. We remain a great way for these advertisers to cut through the noise and reach local audiences. But recession fears lead to slashed marketing budgets, which affects us.
🎟️ Statewide Advertising and Events
Larger institutions who sponsor events, newsletters, and other products to get their messages out to our audience of smart readers—that’s you.
We’d planned to make 2025 our big year to prioritize this, and we are seeing gains. But the same headwinds that affect local businesses are present here too.
🎁 Philanthropy
Support from individuals and foundations, which accounts for 40% of our current budget. The Knight Foundation is our largest donor to date, investing to help us meet our social mission as the other revenue lines catch up.
On this front, we’ve seen conversations and new funding delayed. We still hear lots of excitement from civic-minded folks across the state, but they’re watching the stock market carefully. In the words of one prospect: “Prudence dictates caution.”
Where does this leave us?
If you’re still reading, you either like us and want us to succeed, or you’re morbidly curious. Either way, welcome! Here’s our plan.
First, we’re going to tighten our belt, even if that means slower growth. We are on track this year to just barely break even financially. But that changes if revenues drop. For now, we’ve got to do more with less.
Second, we’re going to double down on what readers want. That means politics reporting you can’t get anywhere else, the best higher ed coverage in the state, and profiles and cultural coverage that define our state.
Third, we’ll lean into our local network. North Carolina is too big and too diverse to report from Raleigh and believe you’re capturing the zeitgeist of the state. That approach is often why the media misses trends and leaves readers uninformed. Our five local teams are embedded in their communities, and we have empowered them to deliver interesting, locally rooted enterprise stories that help readers to know what’s happening where they live.
And fourth, we’re going to bring people together, in person. Our first “Newsmaker” event will be July 16, a conversation with smart thinkers in higher education around AI, research, and institutional relevance. The event will include an interview with UNC System President Peter Hans and industry experts. We’re aiming to do these events monthly going forward.
How can you help?
1. If you haven’t already, now is the time to subscribe.
2. Tell a friend to subscribe. Supporting strong, independent news is one of the most efficient ways to invest in civic life. So when your friend is panicking about the future, offer an easy way to contribute.
3. Nudge your employer to advertise with us. While we don’t make sense for every institution or advertising need, we’re a highly effective marketing spend for organizations that align.
4. If your giving budget allows, consider a tax-deductible contribution via our fiscal sponsor. Your support helps us become more stable and effective in the short- and long-term.
We can’t promise everything. What we can promise is that we’ll continue to reveal things powerful interests don’t want revealed. We’ll explain some of the complicated and scary things going on around us. And we’ll tell stories that give you agency and help you engage with both your leaders and your neighbors.
In an uncertain time, I think that’s a damn good start.
Kyle Villemain
Founder/Editor-in-Chief
The Assembly