In a speech on 'Why Journalism Matters' at a Media Standards Trust event, released today by the FT, Barber conceded that online payment models and 'how much revenue they can generate' is 'still up in the air'.
But citing the FT's own success with a tiered payment system, Barber said quality journalism would 'wither' if new revenue streams are not found.
"We should be under no illusions about the price we would pay as a result. It would not be measured in terms of jobs alone, but something more enduring and valuable," he said.
"Journalism forms part of the lifeblood of free societies. Journalism is not perfect, nor was it ever meant to be. By its nature, it is often uncomfortable, especially for those in positions of power. But it matters - and I will defend it to the last."
The challenge that the internet has posed to news organisations' business models has led some into 'perilous territory', he added, referring to the Washington Post's recent proposal to sell off-the-record access to lobbyists.
News outlets should instead focus on differentiating themselves and embracing technology, he said.
"It is vital that traditional news organisations harness the powers of new media to ensure that crafted or quality journalism can thrive. This requires a mastery of technology - not necessarily a strength among newspapers or other legacy news businesses. And it requires a willingness to radically rethink the business model which has sustained such journalism for the past century or more," said Barber.
The rise in self-publishing has turned citizens into editors and while bloggers operate to different standards and intentions than most journalists, the immediacy of the blogosphere and its wealth of voices is attacking the 'mediocre middle' of journalism, he added.
"British journalism has always put a premium on the scoop and it has long blurred the distinction between news and comment. The rise of bloggers may simply signal the last gasp of the age of deference, not just in politics but also in general social mores in Britain, America and elsewhere," he said.
"Nor does it follow that the worldwide web has dumbed down journalism. On the contrary: it has created opportunities to 'smarten up'. News organisations with specialist skills and knowledge have the opportunity to thrive. The mediocre middle is much more at risk."
News of the World phone hacking case
Barber also contrasted the Telegraph's reporting on MPs expenses - 'courageous and diligent pursuit of a groundbreaking story' - with the recent allegations against the News of the World.
"[R]evelations about phone hacking by the News of the World raise serious questions about the practice of journalism and the public interest," he said, criticising the title's suggestions that this was 'an isolated operation'.
"[T]he press needs to be very careful before appearing to put itself above the law - in this case, the Regulation of Investigatory Powers Act 2000 (under which the News of the World reporter was jailed) or the Data Protection Act 1998," he said.
"The latter act does contain a public interest defence which can be pleaded in court, but such a defence will cut little ice with juries if the public comes to assume that all news organisations are running rogue operations guilty of gross intrusion into privacy.
"Moreover, the balance between privacy and the protections afforded by libel laws - arguably a more serious obstacle to serious investigative journalism – need to be reviewed."
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