Despite $13 billion in revenue in 2024, Steve Swartz signals a challenging journey ahead due to shifts in the media landscape. Hearst Corp achieved record revenue and profits in 2024, but its CEO, Steve Swartz, has warned of a challenging landscape ahead for 2025. In his annual letter to Hearst employees, Swartz revealed that the company reached $13 billion in revenue last year. The primary contributors to this financial success were the credit rating agency Fitch and the company’s local television stations, which both saw improved performance. Swartz said that these two divisions helped to offset the difficulties faced by…

The NZ Herald is restructuring its newsroom to enhance audience engagement and reducing its workforce by about 30 roles. The NZ Herald has announced significant operational changes aimed at reshaping its newsroom, including a greater emphasis on video content and a reduction in staff, effective by mid-March. The editor-in-chief, Murray Kirkness, expressed support for the proposed video initiatives, which include the launch of a new daily video stream dubbed Herald Now. He noted that embracing video could create new audience engagement and revenue opportunities for the publication. “It would be folly to ignore it,” Kirkness said. As part of the…

The UK newspaper will integrate its journalism into the ChatGPT platform in exchange for proper attribution. Guardian Media Group (GMG) has formed a partnership with OpenAI to incorporate the UK newspaper’s journalism into the ChatGPT platform. This move makes access to the Guardian’s reporting, including historical articles, readily available for ChatGPT users, in return for ensuring proper attribution for both summaries and excerpted content. The collaboration specifically includes the integration of ChatGPT Enterprise, a version of the AI model tailored for business applications, which will facilitate the development of innovative tools and features. Such enhancements are aimed at delivering real-time…

The Canadian firm is being sued by publishers alleging systemic copyright and trademark violations. Fourteen prominent publishers have initiated legal action against the Canadian artificial intelligence firm Cohere, alleging extensive copyright and trademark violations through the unauthorised use of their content. The lawsuit, filed in the Southern District of New York, signals a more significant clash between traditional content providers and generative AI technologies that replicate published material. The litigation seeks a permanent injunction against Cohere, a jury trial and damages reaching up to $150,000 for each infringed piece of work. The plaintiffs include a diverse group of media organisations…

As the viral content provider faces significant challenges, it has made plans for a new independent social media platform called Island. BuzzFeed, once a leading force in American digital media, is now considering launching a new social media platform as it transitions from its former glory. Jonah Peretti, BuzzFeed’s founder and CEO, recently communicated his thoughts on the company’s future through a leaked memo, in which he expressed the need for an independent social media platform to ensure a positive environment for content creation. “It’s clear we can’t rely on the platforms to create a positive environment for content creators…

The publisher’s quarterly report reveals successes in digital sectors while traditional revenues decline. Rupert Murdoch’s former newspaper group, News Corporation, reported mixed results this week amid hints from chief executive Robert Thomson that Dow Jones, real estate and book publishing are now its priorities. The Dow Jones segment, home to The Wall Street Journal and Barron’s, achieved record revenues of $600 million, marking a 3% increase compared to the same period last year. This growth was fuelled by a 5% rise in circulation and subscription revenues, with digital subscriptions now accounting for 81% of total revenues. The Wall Street Journal…

The publisher of the Mail titles sees a 34% increase in operating profit, crediting cost reductions and digital advancements amid slight revenue declines. DMGT, the UK publisher best known for the Mail titles, has reported a significant increase in operating profit for its consumer media division, crediting strategic cost reductions and an effective digital transition. For the year ending 30 September 2024, DMGT’s consumer media business achieved an operating profit of £53 million, marking a 34% increase year on year, despite a slight revenue decline of 2% to £613 million. The company’s overall financial performance showcased an 11% rise in…

The London-based newspaper has seen improved subscription metrics following the launch of its AI-powered paywall. The Financial Times has seen lower conversion rates but higher customer revenue since it introduced an AI-powered paywall a year ago. Talking to Digiday, Fiona Spooner, managing director of the FT’s Consumer Revenue Group, said that while the average revenue per user (ARPU) has risen by 6% year on year, there has been a 10% drop in the conversion rate to paid subscriptions since the launch of the paywall. Despite this, Spooner views the results as a positive indicator of the model’s efficacy, stating…

CEO Barbara Peng outlines the publication’s strategy to capture a younger audience and enhance its distinctiveness. Business Insider is experiencing “meaningful growth in subscriptions after implementing an AI-powered paywall, according to Barbara Peng, its CEO. In an interview with Oliver Darcy, she said the publication is intent on maintaining its appeal to a younger demographic while expanding its impact and reach over the next five years. “We want Business Insider to be the go-to destination for business, tech, and innovation journalism,” said Peng. “We’re known for our conversational and to-the-point style, and I think that’s why we attract a younger…

Less safe for users, less safe for brands? The industry reacts to Meta’s contentious policy pivot. Mark Zuckerberg’s seeming full embrace of Donald Trump’s presidency at this week’s inauguration has drawn further attention to his volte face on content moderation on Meta’s platforms and the disbanding of internal diversity, equity and inclusion (DEI) teams. According to Meta’s global business head, Nicola Mendelsohn, its moderation and policy shifts won’t change anything for the digital advertising ecosystem. Yet with fact-checkers scrapped in favour of X-like community notes and revised hateful content rules set to permit more discriminatory language, there are growing concerns…