Pablo Iglesias’ Canal Red Surpasses €563,000 in Crowdfunding, and Eyes Latin American Expansion

Pablo Iglesias ‘s television channel, Canal Red, has raised more than 500,000 euros in direct support from its followers since its inception. After the channel was launched, Iglesias asked for support to create the economic base necessary for the operation of his television. He did so through the Goteo portal, and the Podemos founder’s channel raised 403,000 euros in 2023 through 8,600 sponsorships.

A month ago, Pablo Iglesias announced his intention to open a branch in Mexico and again asked his viewers for help. In this second round, he has already raised 160,000 euros, thanks to 2,500 donations. This is a total of 563,000 euros in two crowdfunding campaigns.

In addition to conventional advertising, Pablo Iglesias has also used patronage to finance his media project

And the response from his followers has been outstanding. In two rounds of financing since 2023, Canal Red has raised even more money than expected. In the latest case, for example, Pablo Iglesias’ television launched a patronage campaign in which it calculated the “optimal” goal to reach 150,000 euros. His followers have already given him, as of Friday, February 7 (latest data available), 160,000 euros.

Pablo Iglesias announced the creation of his television channel at the end of 2022. Then, the former leader of Podemos and former vice president of the Government launched the first crowdfunding campaign. “We are doing what you have been asking us to do for a long time. How far we go depends on you. #RompeElBloque ”, he announced on social media, while embedding the link to the portal where you can donate money to the project. The first goal was to reach 100,000 euros. And since then the channel has collected more than 400,000 euros in donations.

At present, there is no official data on the earnings of Pablo Iglesias’ channel

The only thing that is known is that the former politician acquired ownership of the production company that initially launched the initiative. Melancolic Films, which was linked to the empire of Jaume Roures, was renamed Agitprop in March of last year, this being the new company attached to Iglesias. This company is the producer of the Internet television channel that in September began the process of becoming a company for managing advertising and political consultancy.

Even though the figures for Pablo Iglesias’ business are unknown, crowdfunding is helping the former secretary general of Podemos in his media operation. With more than 500,000 euros in two years, Iglesias’ channel broadcasts a daily morning news programme, interviews and other specials, in addition to the programme La Base, which is personally directed by the founder of the station.

The channel’s content can also be found on YouTube, where some of Pablo Iglesias’ videos have garnered good audience figures, with more than 100,000 views on the most successful videos.

Not limited to the Spanish market

Pablo Iglesias created Canal Red with the intention of not limiting himself to the Spanish market. He added a newspaper to the television channel, Diario Red, which currently reports mainly on Spanish politics, although it also addresses international politics. Iglesias wants to open a branch of his television and digital newspaper in Latin America to strengthen his influence in the region.

For the moment, he has managed to get Colombian television to broadcast his program La Base in prime time one day a week. And now he is looking to reach Mexico , with a headquarters where local journalists work. The Mexican headquarters should serve as a bridgehead for Canal Red to increase its reach throughout Latin America. And the response from his followers has been, taking into account the number of donations, enthusiastic.

The citizen patronage channel was the main source of financing for Podemos, although in that case the purple party promised to return their help to the citizens after collecting the electoral subsidies. In the case of the Red Channel, on the other hand, the aid is direct and non-refundable . But the followers of the founder of Podemos maintain their financial commitment to him. All this despite the risks of money laundering linked to these types of citizen financing, as set out in the community regulation approved in 2020.

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(Featured image by Glen Carstens-Peters via Unsplash)

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First published in THEOBJECTIVE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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