The 2025 Accounts of 'La Marea': A Surplus Insufficient to Cover Investigative Journalism Costs

• 'La Marea' recorded a surplus of 28,000 euros in 2025, which remains insufficient to cover accumulated losses from previous years.
• The parent cooperative, 'MásPúblico', ended the year with a net loss of 38,542 euros, primarily due to a 66,381-euro deficit at its sister publication, 'Climática'.

Journalism and Litigation Costs

• The outlet received the National Investigative Journalism Award for its reporting on the surrogacy industry, but it also faced its first-ever SLAPP (Strategic Lawsuit Against Public Participation) case, incurring 8,300 euros in legal expenses.
• The publication continues to prioritize long-form, investigative coverage on systemic issues, such as the situation in Western Sahara and child sexual abuse, despite high operational costs.

Financial Breakdown

• Of the 334,216 euros in total expenditures, 72% went toward salaries and freelancer contributions, reflecting the high cost of investigative reporting.
• Total revenue reached 362,056 euros, with 65.5% derived directly from the community via subscriptions and crowdfunding.
• Grants and subsidies accounted for 26.3% (95,377 euros), including funding from the European 'TakTak' project and the Spanish Ministry of Labor and Social Economy.
• Advertising revenue remained low at 4.75% of total income, with institutional advertising making up just 0.69%.