There are many potential courses to paying for the journalism that really matters, the investigative reporting that is crucial to a free society with independent media. As one reviews them, however, it’s clear that none stand out as a magic bullet to save the media industry, newspapers or journalism.

• Nonprofit journalistic entities. This is the forward edge of the new wave: outfits like ProPublica, The Voice San Diego and Talking Points Memo. These nonprofit consortia are supported by philanthropy and user fees from either hiring out or licensing the content. The original investigative reporting and other journalism functions as local, super-freelance news groups.
• The low-profit corporation. Create a new legal and tax entity for “independent news organizations substantially devoted to reporting on public affairs.” In other words, let existing for-profit media companies convert to something like the status of NPR or a public television station in order to survive.
• Demand Media. A for-profit model, a so-called “content farm,” or “mass production publisher,” where freelancers contribute articles and videos in their areas of expertise. The content is monetized by linking advertisers to readers through Google search results. The Demand content ranks high because it uses an algorithm that produces material based on reader demand as evidenced in keyword and search-term frequency.

Demand Media does not profess to be a news organization, however, but a broker of content and audiences seeking to locate each other. As off-the-shelf content, it will be largely service journalism–gardening, how-to, food, crafts, etc.—which is more of a substitute for magazines than newspapers.

• Philanthropy. Many philanthropic organizations already support news organizations, both public and private. This idea is more of a plea for a coordinated effort among those with dough.
• Reoriented public radio and television model. Rely on these entities to fill the gap in local and community journalism.
• Universities. Many universities publish newspapers that are both learning tools for journalism students as well as the local organ of news, commentary and community voice. This idea would rely on university programs and boost their funding to fill the gap created by a prospective media market collapse.
• An independent government agency. Such an agency would receive national funding for local news councils. This seems an extreme long shot given the partisanship in Washington, the current state of the economy and the fact that the press is supposed to be free from government intervention.

It’s frankly not the most edifying list. Lots of little possibilities, some sources of fresh success, but a broad, new business model? No.