Like all media, the publishing sector is experiencing considerable change.
Technological developments like generative artificial intelligence (AI), the regulatory environment, and the ever-changing habits, needs, and wants of consumers are among the most prominent factors spearheading these changes.
So, what are some of the main issues that publishers must consider today and when preparing for the future?
AI can be a double-edged sword
AI is fast becoming an instrumental part of the publishing sector. Some use cases include automating news and content production like writing first drafts of articles and headlines, analysing content, and increasing customer engagement. In spring 2022, Agility PR divulged that AI automation capabilities made up 33% of Bloomberg News’ published content. AI’s capabilities will only increase with time. GlobalData predicts that, in the next one to five years, AI will automate more sophisticated content generation and even author blogs and articles.
However, the weather is not always sunny and blue when it comes to AI. The technology also creates concerns around trust and transparency through its content creation capabilities. These capabilities can be dangerous in the wrong hands as they make creating and spreading increasingly realistic misinformation easier than ever. Fake news like an AI-generated image of an explosion near the Pentagon and Elon Musk walking hand in hand with CEO of General Motors Mary Barra took the Internet by storm in 2023.
Consequently, publishers must take the necessary steps to prevent the spread of misinformation or risk losing the trust of their readers.
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By GlobalDataThe need for regulation grows
The need for regulation in publishing is perhaps more important than ever, especially in the fight against the rise of AI-generated fake news and misinformation. In fact, in late 2023, several trade bodies including The Publishers Association and Society of Authors asked the UK PM to produce safeguards to protect human workers in the sector and their work from AI.
Acknowledging the problems misinformation can bring, governments and organizations like the European Union (EU) have been working on legislation to regulate AI. An example is the EU-sponsored AI Act, which will be finalized in 2024.
Furthermore, considering the increasing accessibility of news content, there has been some work creating legislation that will ensure that publishers receive compensation when other internet platforms reuse their content. France, for example, was the first country to issue national legislation for this. In 2022, Google agreed to pay an association of French publishers when it reused their content. It looks like the adoption of such regulation will further increase.
Considering all of the above, it is clear that publishers must be prepared to navigate through a quickly changing regulatory landscape.
Publishers must keep up with the times
The publishing sector must keep an eye on the up-and-coming Gen Z as their influence grows with each year. This generation will soon constitute a large part of the working population and are expected to inherit considerable wealth. These factors mean that publishers must make the effort to understand what motivates this group and adjust their offerings accordingly to stay competitive.
GlobalData argues that Gen Z is a group motivated by changing the world using technology, alongside solving environmental issues. Consequently, publishers will need to up their game when it comes to issues surrounding the environment and embed technology-enabled experiences into their offerings using AI, virtual reality, and augmented reality. It certainly looks like a lot is going on in the sector. Publishers will need to make the necessary investments to stay relevant in this changing environment.
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