👉 Background: News Corp is the conglomerate controlled by Rupert Murdoch and has a whole heap of media and entertainment assets. Think: 65% of Foxtel, Sky News, Fox Sports, The Australian as well as The Wall Street Journal, The Sun, and The Times and many many more.

👉 What happened: Now, News Corp has announced a 75% drop in profit to just $187 million USD—a fall from its $760 million USD just last year. The poor performers included all the newspapers as well as lower demand for digital advertising.

👉 What else: But News Corp was still upbeat, because it cut over $160 million USD out of the business in the past 6 months. And, it's keen for generative AI to help cut its costs into the future and create new revenue streams.

What's the key learning?

💡AI is disrupting and reshaping the content landscape in a way that's never been seen before. But, so far, we haven't seen many media organisations openly promoting the virtues of AI for their business.

💡AI has become a tricky topic for large media organisations because leveraging AI in journalism could become existential threat to its core. It generally means job losses for journalists, researchers and other staff.

💡News Corp's Australian division is already using AI to supplement its local journalism with more than 3,000 AI-generated articles per week. And BuzzFeed is doing something similar globally. So it will be interesting to see how many other organisations follow.

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