By Wan Muhammad Aslah Wan Razali
SEOUL, Nov 16 (Bernama) – The media industry is at a crossroads, grappling with declining revenue, a crisis of trust, and the disruptive potential of artificial intelligence (AI).
As AI continues to advance, its impact on journalism has become a subject of intense debate.
Speaking at a special session on the final day of the 2024 KPF Journalism Conference on Friday, Financial Times CEO John Ridding outlined the severe challenges facing the broader information ecosystem.
“These range from the structural decline of key revenue lines, such as circulation and advertising, to a lack of trust in media stemming from fake news and partisan reporting,” he said.
Reflecting on his early days covering South Korea’s economic rise and democratic transition, he noted the stark contrasts and continuous evolution within the industry, particularly in the face of modern disruptions such as generative AI.
He cited a Reuters Institute report indicating that 53 per cent of South Korean respondents now use YouTube for news, reflecting a trend of news avoidance among younger readers who eschew traditional media outlets.
Despite the challenges, he struck an optimistic tone, underscoring the potential for quality journalism to thrive with the right strategies and leadership.
Ridding cited the FT as a model for successful digital transformation, emphasising its transition to a predominantly digital, multimedia platform with record-high readership and revenues.
He stressed the need for fair compensation for publishers and robust frameworks to protect quality journalism.
“The FT is at an all-time record high of readers, subscribers, and revenues. We are healthily profitable, and our business model has been strengthened and transformed," he said
Addressing the rise of AI, Ridding acknowledged its potential to enhance personalisation, improve operational efficiency, and foster new tools and services in newsrooms.
However, he also warned of the risks, such as disrupted business models and erosion of trust, particularly if readers rely on AI-generated summaries
"News organisations do have leverage. They should insist on payment," he said, pointing out the mutual benefits for both publishers and AI platforms in maintaining reliable, quality journalism.
He also mentioned the importance of regulatory frameworks to protect intellectual property rights and support quality journalism.
Ridding welcomed South Korea's efforts to establish a new AI copyright system, highlighting the need for innovation to be built on solid foundations.
He expressed cautious optimism for the future of journalism, provided that the industry embraces technological change while upholding core principles of reliable reporting.
"With effective innovation, a robust regulatory framework, and recognition by tech platforms of a need for original journalism, this long-running drama of news media disruption can have a better ending," he added.
The 2024 KPF Journalism Conference held from Nov 13-15, continues to be a pivotal platform for discussing the future of journalism, bringing together industry leaders, experts and media professionals to share their insights and strategies for navigating an ever-evolving media landscape.
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