The Guardian reports:
Rupert Murdoch’s News Corporation has recorded a steep 75% drop in full-year profit but sees opportunities ahead as it expands the use of cost-saving AI-produced content.
The US-listed media conglomerate – which owns mastheads in the US, UK and Australia, along with book publishers, subscription television and real estate advertising assets – recorded $US187m ($A287m) in net profit for the financial year, down from the previous year’s $US760m record.
For the first time, News Corp generated more than half of its revenue from digital streams and the media company revealed an upbeat assessment of the potential of generative AI, capable of producing text, images, video and other media, to drive profits. The company’s Australian arm recently disclosed it was producing 3,000 articles a week using generative AI.
Read the full article.
News Corp profits dive 75% as Rupert Murdoch-owned company hints at AI future https://t.co/KPXMLoImjA
— The Guardian (@guardian) August 11, 2023
