AI Revolutionizing Publishing Industry

MetaversePlanet May 3, 2024Last Updated: May 3, 2024

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The Financial Times and OpenAI announced on Monday a collaboration that leverages artificial intelligence to enhance the newspaper’s journalism and develop new AI products for its readers. According to the joint statement, ChatGPT will actively reference and link to the Financial Times when relevant information is included in its responses.

John Ridding, CEO of the Financial Times, stated, “Artificial intelligence platforms are expected to help publishers and, naturally, should compensate them for the use of their material.” He emphasized that the Times still relies on human journalism.

Neither company disclosed the financial terms of their agreement. Earlier this year, The Information reported that OpenAI offered publishers between $1 million to $5 million per year to license their content for training AI models.

Artificial intelligence is becoming increasingly integral to the publishing industry. The effectiveness of generative AI largely depends on the quality of the training data.

Traditionally, AI companies have harvested publicly available data without needing explicit consent from creators, continuously updating the outputs generated by their models and seeking new data sources. Training AI models with news content is one approach, though some publishers, such as The New York Times and the BBC, have resisted allowing OpenAI to scrape their sites.

As a consequence, OpenAI has formed financial partnerships with major publishers to train its models. Last year, the company entered into agreements with Politico and Business Insider in the U.S., and partnered with German publisher Axel Springer to utilize content from Bild and Die Welt. OpenAI also has agreements with the Associated Press, France’s Le Monde, and Spain’s Prisa Media.