German journalists launch crowd-funded magazine

(AP)—A group of German investigative reporters have succeeded in raising enough money through crowd funding to launch a new online magazine.

The project hit its target of 900,000 euros ($1.2 million) after one month, shortly before the deadline Friday.

The 28 journalists behind the project, called Krautreporter, claim tabloid-style journalism is creeping into serious online publications and say "many media are more interested in clicks than stories."

Supporters, who each pledged 60 euros, will receive at least four in-depth, ad-free articles a day for a year and event invitations.

The model follows similar projects in the United States and the Netherlands. Germany's media industry has come under heavy economic pressure from falling revenues and the rise of free online publications in recent years, leading to several closures.