News Media and AI: How a Decentralized Market Place can Change the Game
News media is increasingly getting reliant on technology. It is getting transformed not only in terms of the modes of disseminating content, but also the ways in which they function internally. They use different kinds of technology, like web-based applications for online editing, advanced video processing technologies, data processing through various statistical packages and advanced programming languages, which are all part of this new model of journalism. The new journalists can be anything from experts on various topics to hackers and data scientists (remember Wikileaks?).
The field has also substantially changed with the coming of what we know as the “New Media”, which also has an infamous first cousin, “Citizen Journalism”. The ‘new media’ is an online mode of journalism, which in terms of economics is a smaller enterprise with smaller capital investment, lesser human resources, and greater product innovation and flexibility. But being online they have a greater reach and are most often freely accessible. It is this form of media which is more divergent and uses revolutionary technology for their operations.
The media as an industry is growing globally, with an expected market cap of 2.6 trillion by 2023. The main drivers of this surge in worth would be digital media and streaming services, as reported. While streaming services are largely considered to be a source of entertainment, even these platforms are moving towards news based content to a significant extent. And therefore, the use of technologies like AI and machine learning for various statistical, visual, and information dissemination purposes is going to increase greatly.
AI and Media
In as early as 2014, an entire story on an earthquake was written totally by a robot reporter in the Los Angeles Times. Since then they have become very popular in the industry. Apart from quick reporting, AI helps substantially with the content management of the media houses. They help in suggesting content and also keeping track of it.
Apart from this, they are used to gather information on certain events and occurrences like local sports, cultural events, and political meetings to name a few things which reporters in larger media houses cannot always keep a track of.
Moreover, machine learning can be particularly helpful in unearthing data-based news stories like financial crimes and political corruption among others. They can also be used by environmental journalists, science reporters and so on and for verifying the authenticity of certain news. Artificial Intelligence often acts as a vanguard against ‘fake news’ and has become especially relevant for citizen journalism.
Another major feature that media uses the AI systems for is personalizing user experience, i.e. to say, they are used to reach out to the customers in a more targeted manner. They personalize the content on a priority basis for the customers through mining previous access data stored on the user’s device. Nevertheless, all such data is stored in a centralized system and is not used purely for user satisfaction, rather they are used for advertising targeted products in various forms including paid news.
However, in a decentralized market place like OLPORTAL, the data of the users is under the control of the user. And with the use of neuro-bots, the communication can be even more personalized. The developing company can either be a news provider or a news aggregator that can cater to the particular needs of the users in terms of finding relevant and customized news.
Moreover, developers can also develop AI-based applications that can be used by individual journalists or smaller news agencies, who are looking for cheaper options. In this way, developers, users, and news agencies can all come together to use AI-based systems to make news dissemination more and more vibrant and effective for all the stake-holders in the process.
A decentralized platform like OLPORTAL can become a place of entrepreneurial innovation and business models that will enable greater user participation and quality news creation and dissemination.
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