While the legacy media have struggled financially and cut back on editorial staff, many parts of the world have witnessed the rise of small digital start-ups and citizen or community initiated journalism and information sharing, often hyperlocal in character. This paper contributes to research on hyperlocal media from the viewpoints of media economics and sustainability. The paper examines the characteristics, business models, funding sources and entrepreneurial spirit of the hyperlocal media landscape in Finland in 2017. Both challenges and advantages are considered, and the data analysed includes information gathered from professional, semi-professional and amateur-driven hyperlocal initiatives. In the light of the study, the hyperlocal field in Finland is inherently diverse and emerging at a leisurely pace. In line with previous studies, we can see that Finnish hyperlocal media originate online, pertain to geographically defined communities and aim to fill perceived gaps in local "news" and information sharing, as well as discussion. The study also shows that "hyperlocal publishing" is a wide notion. The study suggests that hyperlocal media fulfil new kinds of needs and opportunities enhanced by digital technologies and changes in the media culture. There are some successful hyperlocal business models among the Finnish cases, which include the model of corporate partnerships and the model based on advertising revenues. There are also cases that rely on public funding. The fact that sustaining viable business models has been difficult for the emerging hyperlocal initiatives is a question that deserves attention in political discussion in Finland, Europe and elsewhere.