Economic study on the impact of publicly funded PSM activities on commercial online news services in Finland

The European Broadcasting Union (EBU) commissioned O&O to conduct an independent economic study (read here) to test the "crowding out" hypothesis in relation to publicly funded Public Service Media (PSM) online news in Finland. This study is a follow-up on our 2025 study for the EBU, which examined the “crowding out” hypothesis at a pan-European level.

The core aim of the Finland study was to assess whether the news activities of Yle, the Finnish public service media organisation, negatively affect the provision of online news by traditional publishers. For the purposes of the study, traditional publishers were defined as publishers with roots in print journalism that have since developed an online presence.

The study used two complementary analytical approaches. First, it applied binary logistic regression to individual-level survey data from the 2025 Reuters Digital News Report (DNR), assessing whether individuals who use Yle’s online news services are less likely to use traditional publishers’ online news services. Second, it used ordinary least squares regression and correlation analysis to examine Finnish Internet Audience Measurement (FIAM) data on performance, page views and visits for Yle and traditional Finnish publishers.

Across both approaches, the study found no evidence to support the “crowding out” hypothesis in Finland. Instead, the findings indicate a positive relationship between the use and performance of Yle’s online news services and those of traditional publishers, suggesting potential “crowding in” effects.