She is “incredibly concerned” about large language models and their impact on content providers (business to business and business to consumer), Natasha Christie-Miller says.
“Essentially, the work, the cost, the expertise has been stolen. It’s been stolen for use in another organisation. And the traceability is incredibly difficult. And certainly, being able to credit back is impossible,” Natasha told Mx3 in an on-the-record interview on the side-line of our recent Innovation in Media event in Barcelona.
Natasha, a keynote speaker at Mx3 Barcelona, is senior adviser to the TED Conferences franchise, board advisor to Walking on Earth, BAYY Agency and Edited, and non-executive director of PGI VCT Plc. Her storied media career includes stints as CEO of EMAP and Ascential.
At EMAP/Ascential she presided over a period of tremendous change in publishing as the shift to digital gathered pace.
Turbulent times
Today, the media stands at yet another crossroads with the emergence of generative AI.
From within the industry, there are two responses to AI. Some companies, like Associated Press and Axel Springer, have struck deals with the owners of AI platforms. Others, notably the New York Times, have taken the legal route. Small companies like Raw Story, AlterNet, and The Intercept followed suit and instituted legal proceedings against OpenAI.
Natasha warns that media companies must act quickly.
“I hope that we can come to the right arrangements. Because otherwise, I fear for the future of the free quality content industry globally.”
The threat of retail media
The media’s immediate challenges, though, are around funding. Natasha refers to advertising revenues being hoovered up over the last decade or so, recently more specifically by what she calls retail media.
“So retail media, think Amazon, eBay and all the other marketplaces, are attracting huge amounts of advertising inventory from consumer goods, companies, and anybody wanting to sell a product to a consumer. And that’s reducing the inventory available for media owners massively,” she says.
“The potential responses from the media encompass a range of things. Refocusing on the audience, especially say a B2B audience who are just consumers in a professional environment, is absolutely critical.”
Natasha explains that publishers can respond in several ways, including “creating custom content and working with your marketing partners”.
But to ensure survival, she warns, it’s” essential that your audience is paying for and valuing what you’re doing for them.”
Creating value
Natasha emphasises the theme of creating content that is valuable to readers and advertisers when media companies look for opportunities.
“We have to make really big choices about how we are engaging our audiences. So whether that’s through podcasts or through digital content or a whole range of different products, meeting the audience where they want to be met and giving the information that they are expecting, is the key. For some, they want a nice, passive lean-back experience, something to wash over them, something to comfort them, something to feel part of a tribe to belong to.
“And then there’s the more active ‘I’m leaning in, because I’m trying to solve a problem’ approach. And that could be from a consumer point of view, such as ‘I’m trying to find the latest gadget that I want to buy, and I want the best price and the best review.’ Or it could be that ‘I’m in a B2B environment, and I need to make a decision about pricing.’ And I’m leaning in, and I’m working out how to make that decision. So [it is] really understanding what your audience wants, the state of mind that they’re in, and how they’re best going to receive it.”
Media companies, Natasha says, must make sure that content, whether data, the written word, or images, is provided in a way that is “incredibly useful “for the audience.
It is not about convincing your audience of your value, Natasha emphasises. It’s about being valuable.
Listen to Natasha’s interview here:
