News Corp profits dive 75% as Rupert Murdoch-owned company hints at AI future
News Corp profits dive 75% as Rupert Murdoch-owned company hints at AI future
Poor result weighed down by lower print and digital advertising at News Corp Australia, a division that includes flagship newspaper The Australian
Would this man just die already
Isn't he the one that has children, even more horrible than himself, lined up to take over his "legacy" when he kicks the bucket?
Guess we can only hope that they're incompetent 😓
Tech people: Yeah generative AI is pretty sweet, I think it'll be a great way to augment our current workforce to increase our productivity. It's doing some cool stuff now, but give it a few years to mature before fully committing though, let's make sure it's rock solid
Business people: Fuck yeah let's start the laayyyyyooofffffss
(I'm happy to see NewsCorp lose money any day, but I'm just so tired of business people assuming they know how it all works)
It's the new NFTs and Crypto re: dropping buzzwords to make stock line go up.
Except AI can actually be used for things and provides real value to people right now.
ChatGPT helps me break writers block.
Bitcoin created years of jacked up prices for GPUs and is helping to boil the planet/burn through rare earth metals. All while generating wealth for primarily hedgefunds by completing arbitrarily set difficulties for math problems that require grinding the GPU for literally no meaningful output lol
The thing that is so pernicious about cryptocurrency is that the more computational power you throw at it, the less efficient it actually becomes. That means more adoption you have, the worse it is.
Sadly they only made less money, not lost.
There's little difference from their perspective.
I am sending my most evil prayers to Rupert Murdoch and its wretched company. May they adopt AI and lose their fan base.
I think Murdock is the most evil man alive, but it's a tough call, with so many evil men.
May they adopt AI and lose their fan base.
Nah. They'll just worship their new AI overlords. It's the next evolution of the cargo cult.
Old rich man yells at Cloud
Can’t wait to hear racist diatribes from the new primetime host Tracker Carlsbot
AI = profits! Except if you stop paying people a livable wage, they can't buy your iPhones or your Teslas.
But but but if we pay people a livable wage, we will only make a 300% profit on our Teslas that we sell. And then I will have to wait until next week to add the gold plating to my second hot tub.
“That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business” ...
News Corp recently reduced staffing costs through widespread redundancies.
Did he just realize that a prompt to "write an article to defend position X or denigrate Y" can be entered into ChatGPT, rather than emailed to the newsroom?
I guess buying that online news law hasn't been a great investment for Murdoch.
Nor did ruining the NBN.
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Rupert Murdoch’s News Corporation has recorded a steep 75% drop in full-year profit but sees opportunities ahead as it expands the use of cost-saving AI-produced content.
The result was weighed down by lower print and digital advertising at News Corp Australia, a division that includes flagship newspaper, The Australian.
“That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business,” said News Corp chief executive Robert Thomson.
“We are already in active negotiations to establish a value for our unique content sets and (intellectual property) that will play a crucial role in the future of AI.”
“Our results showed marked improvement in the second half, so with inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters,” Thomson said.
A fall in Australian real estate listings, especially in Sydney and Melbourne, dented revenue in News Corp’s property portals.