Nine CEO confident new AI laws will deliver a ‘world of growth in publishing’ as network slashes costs
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- Nine Entertainment's CEO, Matt Stanton, is optimistic about the future of publishing, anticipating significant growth driven by new AI laws.
- These laws compel tech platforms to negotiate commercial deals with Australian news outlets for using their content.
- Despite this positive outlook, the company is also implementing cost-cutting measures across its newsrooms, aiming to reduce expenses by $160 million.
The head of Nine Entertainment, Australia's largest media company, foresees a "world of growth in publishing" fueled by recent legislative changes designed to ensure tech giants pay for news content. CEO Matt Stanton expressed confidence that new laws, passed last week, will create a more sustainable environment for journalism.
These revamped media bargaining laws aim to level the playing field by requiring global tech platforms to strike commercial deals with Australian news organizations for the use of their journalistic content. Stanton indicated that the company has a "good pipeline" of potential artificial intelligence-related deals, suggesting that AI will play a key role in this anticipated growth.
a world of growth in publishing
However, this optimistic outlook on future revenue streams is coupled with a significant cost-reduction strategy. Nine Entertainment plans to slash $160 million in costs across its newsrooms. Stanton acknowledged the ongoing efforts to cut expenses while simultaneously pursuing new revenue opportunities, highlighting the company's dual focus on efficiency and innovation in a challenging media landscape.
good pipeline
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Originally published by The Guardian. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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