The way we consume and share news is changing dramatically, mainly due to advances in technology which are shifting the economics of delivering information. We want to highlight some key developments we see, including new tools, business models and thinking shifts transforming how we access and engage with news and information.
Surprise Level Zero: AI-Powered News and Information
One of the major trends highlighted in the report is the growing use of artificial intelligence to power news and information services. AI models can analyse and process vast amounts of data. The speed and effectiveness of this information processing is reinventing how the industry discovers and publishes news and, as a result, changing how consumers digest news and information.
This innovation presents an opportunity to improve efficiency and even give local media outlets a long-needed life raft in a world of consolidation. This optimism assumes a lot: equal access to the tools and clarity in sourcing. There are also valid concerns about accuracy in reporting that will still require some human governance.
Revenue Models Continue To Emerge
The news industry is still looking for ways to ensure stable revenue. In 2021, Zeus, a proprietary advertising technology platform developed by The Washington Post, launched to help automate buying and selling digital ads, effectively competing with Google. However, due to new delivery approaches, ad-based technology has seen even more cracks in the ice. At the end of last year, The Post announced that it would be transitioning its advertising operations to third-party providers.
New subscription-based models are more appealing to consumers. Newsletters, Podcasts, and Video content will continue to create new audiences. As an agency, we have helped clients to streamline the creative and publishing process to provide relevant, personalised content and expect more innovation in this area.
Putting Cognitive Computing to Work
Cognitive computing is often used interchangeably with AI, but they are different. While AI refers to the broader field of computer science that encompasses many different approaches to building intelligent systems, cognitive computing focuses specifically on systems that can learn, reason, and make decisions in a way that is similar to humans.
Here we are already seeing rapid advances in automation without having to create complex code or rules for defining processes. For example, cognitive computing greatly benefits publishing and production processes. It can handle text-to-video conversion, remove inappropriate content, and insert advertising tastefully. It can significantly improve the time to publish on websites and other channels.
Agility Along the Information Supply Chain
As technology continues to evolve, we expect to see even more innovations in media. All fads and technology trends aside, the companies that benefit from innovation are the ones who can adapt and learn. They do this through proof of concepts, sprints, and rapid prototyping. This allows fast, first-mover access to the actual value and tradeoffs in tech. Agility and the power to experiment with content to meet viewers where they are is the one key factor across industries we see. It's even more critical with media in the battle for people's attention.
As an agency that delivers content management solutions, Morpht is helping clients across all industries be more agile. Our role as trusted advisors is to give you clear options to meet challenges with resiliency and creativity. We are up to the challenge for anyone looking to transform their content and business model.
