Financial Times CEO John Ridding Urges News Publishers to Demand Payment from AI Companies

Financial Times CEO John Ridding delivered a powerful message to news publishers at the WAN-IFRA World News Media Congress in Copenhagen, urging them to demand payment from AI companies for their content. Ridding emphasized the importance of leveraging AI partnerships to extend reach and revenue while maintaining quality journalism.

The Financial Times recently made headlines by securing a licensing deal with OpenAI, making them the first UK news publisher to do so. Ridding highlighted the significance of this move, stating that being an early adopter allows them to explore the potential impact of AI on their content and audience engagement.

Ridding’s keynote speech underscored the critical role of AI in the future of news media, pointing out the opportunities for improved reader revenue models and personalized content. He also showcased the FT’s innovative use of AI tools, such as an AI-powered Q&A tool for corporate customers and multilingual digital editions.

However, Ridding cautioned against the risk of disintermediation and emphasized the need for publishers to maintain control over their content and revenue streams. He stressed the importance of trusted journalism in the age of AI, noting that AI’s reliance on accurate information from reputable sources is crucial for its effectiveness.

Drawing on insights from industry experts like DMG Media editor emeritus Peter Wright, Ridding made a compelling case for news organizations to demand fair compensation from AI platforms. He highlighted the substantial profits of tech giants compared to the relatively modest earnings of news media, calling for a more equitable distribution of funds.

Ridding proposed a collaborative model between platforms and publishers that aligns usage with revenue, emphasizing the need for regulators and policymakers to protect intellectual property rights. He urged industry leaders to take a long-term view and invest in sustainable solutions that prioritize quality journalism over short-term gains.

In conclusion, Ridding painted a hopeful picture of a future where news media and tech companies work together to support original, reliable journalism. By aligning incentives and fostering a culture of collaboration, Ridding believes that the industry can overcome its challenges and secure a brighter future for all stakeholders.