News Transformation | Google leads 2 billion to support news transformation and launch AI accelerator within 5 years

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The state government allocated $70 million in funding 2.5 newspapers close down nationwide every week Support EJ Tech

originalPublished in Hong Kong Economic Times Financial NewsEJ Tech Innovation Lab“

Technological advances have reshaped the way readers read news, and advertisers have moved from traditional print media to the Internet. Traditional media companies around the world have been shrinking over the past 20 years. The New York TimesThe news pointed outUS search engine giant Google and California lawmakersCompletionOnePublic-Private Partnership Framework Agreementinvesting nearly US$250 million (approximately HK$1.95 billion) over the next five years to support the transformation of local news industry, of which about US$70 million (approximately HK$546 million) will come from California taxpayers, and the rest will come from Google and other private donors.

Google and California will invest nearly $250 million (about HK$1.95 billion) in the next five years to support the transformation of the local news industry. (AFP file photo)

The state government allocated $70 million in funding

The agreement states that California taxpayers will contribute $30 million to the new fund in the first year of the plan, and $10 million per year for the next four years, for a total of $70 million, which will be allocated by the legislature in the budget bill. Google will donate $15 million to the fund in the first year, and $10 million per year for the next four years, while donating $10 million directly to news media. Google pledged to provide $62.5 million (about HK$487 million) over five years to launch the “National Artificial Intelligence (AI) Accelerator” and create “new tools to help journalists access and analyze public information.”

Under the agreement, a “News Transformation Fund” will be established and managed by the UC Berkeley Graduate School of Journalism. Funds will be allocated based on the number of journalists employed by each media outlet. 12% of the funds in the News Transformation Fund will be reserved for smaller or minority media outlets. California Governor Gavin Newsom said in a statement: “This agreement will not only provide financial support for hundreds of new journalists, but will also help rebuild a strong and vibrant California news team in the coming years and strengthen the important role of journalism in democracy.”

2.5 newspapers close down nationwide every week

Northwestern University published aA study foundan average of 2.5 newspapers closed down each week, causing 204 counties to become “news deserts”. Since 2005, the United States has lost nearly 2,900 newspapers. It is expected that by the end of 2024, one-third of newspapers in the United States will disappear, leaving about 6,000, most of which are weeklies. As the advertising market collapsed, 43,000 newspaper journalists in the United States lost their jobs during the same period, accounting for two-thirds of domestic practitioners, most of whom were employed by large metropolitan and regional newspapers.

In the midst of a life-or-death crisis, publishers are increasingly relying on social media and online sources to retain readers. Google controls most of the search business and was recently ruled by the U.S. Department of Justice to have a monopoly on the search market.

Google’s five-year agreement will help to temporarilyCalifornia Journalism Protection Act (CJPA)If passed, the bill would force platforms to pay publishers. Associated PressNewsLast year, Canada reached an agreement with Google requiring the latter to donate about $100 million to local journalism each year.100 million Canadian dollars (approximately 574 million Hong Kong dollars)in order to comply with the June 2023Online News Act.