Nine CEO confident new AI laws will deliver a ‘world of growth in publishing’ as network slashes costs
Summary
Nine Entertainment’s CEO expects new Australian laws will help grow the publishing industry by requiring big tech platforms to pay for using news content. Meanwhile, Nine is cutting costs by reducing staff in some newsrooms but remains profitable, focusing on stronger business areas like digital media.Key Facts
- Australia passed new media bargaining laws to make global tech platforms pay news outlets for their content.
- Nine’s CEO, Matt Stanton, expects payments from platforms like Google and Meta to be similar to past deals.
- Nine recently signed a deal allowing Microsoft’s AI tool, Copilot, to use its content.
- The company is cutting over $160 million in costs across three years, including job cuts at some newspapers.
- The Sydney Morning Herald and The Age newsrooms are affected by staff reductions due to weak advertising.
- The Australian Financial Review newsroom has not had cuts and continues to earn strong revenue.
- Nine’s overall publishing revenue stayed mostly flat, while streaming and TV revenue slightly declined.
- Nine made a net profit of $142 million from its continuing businesses for the year ending June 30.
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