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News Corp profits dive 75% as Rupert Murdoch-owned company hints at AI future
(www.theguardian.com)
this post was submitted on 13 Aug 2023
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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 result was weighed down by lower print and digital advertising at News Corp Australia, a division that includes flagship newspaper, The Australian.
“That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business,” said News Corp chief executive Robert Thomson.
“We are already in active negotiations to establish a value for our unique content sets and (intellectual property) that will play a crucial role in the future of AI.”
“Our results showed marked improvement in the second half, so with inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters,” Thomson said.
A fall in Australian real estate listings, especially in Sydney and Melbourne, dented revenue in News Corp’s property portals.