The changing media landscape has made it increasingly necessary for journalists and media organisations, particularly print and electronic media, to explore new ways of monetising their content, as Artificial Intelligence (AI) continues to transform the news industry.
This was one of the major findings at a conference organised by Pan-Atlantic University (PAU) – Lagos Business School and the Centre for Journalism Innovation and Development (CJID) in Lagos.
With the theme: Beyond The Byline: Monetising Journalism In The Age Of Artificial Intelligence.
Speaking at the media roundtable conference, Mr. Temitayo Fagbule, Bureau Chief, West Africa, CNBC Africa, and Mr. Muzzamil Oreoluwa, Software Engineer at CJID, examined the growing impact of AI and emerging technologies on journalism and the traditional media business model.
Fagbule noted that search engines and AI-powered platforms, including Google and ChatGPT, can now provide users with current headlines, summaries and other forms of content that were traditionally the preserve of news organisations.
According to him, media houses and news bylines have been losing revenue since the emergence and widespread adoption of smartphones, particularly from around 2007.
He explained that news can now be consumed virtually 24 hours a day as events unfold, while search engines and AI tools can access information from different platforms and present it to users. He added that tools such as ChatGPT can also rewrite existing content in different formats.
Fagbule recalled that before the widespread adoption of smartphones, media organisations derived a significant proportion of their revenue from advertising and newspaper sales. However, he said the situation has changed considerably, with declining advertising revenue occurring alongside rising production costs.
Despite the challenges posed by AI, he identified trust and credibility as important advantages that professional journalism can still leverage.
He argued that AI can reproduce both accurate and inaccurate information, making the credibility of established journalists and media organisations increasingly important to audiences seeking to verify information.
Fagbule also identified three areas where journalism retains an important human advantage: human experience, interpretation of real-life events and direct engagement with people and places.
He therefore encouraged journalists to focus more on original experiences, meeting people, travelling, investigating issues and providing interpretations that cannot easily be replicated by automated systems.
On his part, Muzzamil said journalists now have access to increasingly sophisticated digital tools that can make them more efficient and productive.
He urged journalists and media organisations to think beyond conventional approaches to revenue generation and explore innovative ways of monetising their expertise and bylines.
He noted that journalists should not view AI solely as a threat but also as a tool that can enhance their work, improve efficiency and create new opportunities.
During the presentations and panel discussions, Mr. Daniel Ailemen, Publisher/Executive Editor of CEO Nigeria Online and Magazine, agreed that conventional news reporting alone may no longer be sufficient as a major revenue source for media organisations.
Ailemen argued that media organisations should increasingly explore the monetisation of special reports, specialised editorial projects and editorial marketing.
According to him, AI has come to stay, while search engines and other digital platforms are increasingly providing specialised information covering areas such as hospitality, sports, tourism, personalities and other sectors traditionally covered by professional media organisations.
He therefore called on media organisations to rethink their business models and develop specialised editorial products and projects that can attract sponsorship, partnerships and commercial support.
The conference underscored the need for journalists and media organisations to adapt to the rapidly changing media environment by combining professional credibility, original reporting, human experience and innovative use of AI to remain economically sustainable.
Culler from ceonigeria.giv.com.ng
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