Artificial intelligence (AI) is empowering this whole world. It is also playing a major role in the growth of the business sector. Everything is present online. There are several apps, websites and other sources are available to provide information or help in your business. AI is making its way into the publishing industry as well. Colin Lovrinovic, MD of Gould Finch a management consultancy says, “There is no doubt that AI will become the essential key to success for the publishing industry.”
Gould Finch and Frankfurter Buchmesse (international publishing industry’s biggest trade fair) have collaborated on a recently published whitepaper, “The future impact of artificial intelligence on the publishing industry.” The report states that the publishing industry is aware of the importance and potential of AI. Colin Lovrinovic, Managing Director of Gould Finch, sees a clear trend: “The results of the study and our research speak for themselves. There is no doubt that AI will become the essential key to success for the publishing industry. However, creative minds won’t be replaced by machines anytime in the near future – rather, it is much more a question of supporting publishers through clever optimization to enable them to strengthen their core business.” The paper covers topics like challenges publishers face while considering AI implementation in their organizations and give suggestions that where they should focus their efforts and attention to scoring the most benefits.
There is a popular misconception that AI could replace creative minds. It could take the reporter’s job. However, according to the report, AI is going to help them in doing their work efficiently. It will assist the reporter. Colin Lovrinovic, MD of Gould Finch says, “Creative minds won’t be replaced by machines anytime shortly – rather, it is much more a question of supporting publishers through clever optimization to enable them to strengthen their core business”.
Another report of a survey reveals that a high percentage of the participants believe that investing large amounts of money (in AI) is too risky and without any guaranteed return.
However, the authors note, “those who have invested in artificial intelligence are happy with their experience and will continue to invest on all levels. Noteworthy is also the growing number of service providers using different AI technologies and offering them as paid services to publishers at reasonable costs, thereby increasing accessibility.”
The Washington Post and Axel Springer are one of those publishers who have implemented AI, have observe the positive effects on the readership statistics and sales. It improves the job stability of journalists and writers.