In 2024, we executed an ambitious revenue strategy focused on ensuring long-term independence and reducing reliance on grant support. In 2022, the share of grants in our total revenue was 52%. In 2024, that number fell to just 2% — underscoring our shift toward financial self-sufficiency.
This shift was driven by the growth of our reader-revenue model as well as the active diversification of our revenue streams – ranging from advertising, e-commerce to content syndication, book publishing, and other service-based revenue streams.
While over 80% of reader revenue came from one-time donations in 2022, by 2024, that dynamic had flipped: over 80% now comes from committed members. This evolution deepened our relationship with our audience and significantly improved revenue predictability. Today, reader revenue accounts for 70% of our total income, placing us in a strong position to scale sustainably.
Recognizing the risks of overdependence on a single revenue stream, we also prioritized diversification. In early 2024, we launched the Kyiv Independent Store, an e-commerce platform featuring branded merchandise that reflects our mission and resonates with our global community. Since its debut, the store has become our fastest-growing revenue source, contributing 6% of our total income in 2024.
To further expand our revenue base, we entered the business-to-business space with the launch of KI Insights—our in-house research and analysis arm. Designed for professionals, policymakers, and institutions seeking deep knowledge of Ukraine and the region, this new initiative builds on our editorial expertise while opening new sustainable revenue paths.
Simultaneously, we restructured and significantly expanded our commercial revenue stream. Despite the collapse of Ukraine’s advertising market on February 24, 2022, and the ongoing global economic crisis, our commercial income grew by approximately 3,500% between 2022 and 2024.
While 70% of our revenue in 2023 already came from reader revenue, we still had a significant dependance on grant support. By 2024, we managed to reduce it to just 2% and build new service-drive revenue streams—ranging from advertising and our e-store to content syndication, book publishing, and other service-based revenue streams.
When the Trump administration cut USAID funds that were a large source of support for Ukrainian independent media, Kyiv Independent was not affected as we didn’t have any grant money from the US at the time. Instead, we raised over $66,200 to support Ukrainian newsrooms hit by US aid freeze.
This extraordinary growth was fueled by a redefined approach to strategic partnerships and branded content. We focused on building collaborations with partners aligned with our mission and values—ensuring transparency, protecting editorial integrity, and producing high-quality content that directly supports our newsroom.
Our innovation lies not just in launching new revenue streams but in weaving them into a coherent strategy rooted in journalistic integrity, audience trust, and long-term resilience. Today, this multifaceted model supports the Kyiv Independent’s journalism at scale—from war reporting and investigations to explanatory content and editorial projects that reach global audiences.
