Financial Times and OpenAI ink strategic partnership, including a content licensing deal
AI and journalism are coming even closer – The Financial Times (FT) has announced a new collaboration with OpenAI, one that leverages AI for content creation and training of AI models. The financial terms of the deal were not disclosed.
At the heart of this partnership lies a two-pronged approach – content licensing and the development of AI-powered features specifically designed for FT readers. Under the terms of the agreement, the FT will grant OpenAI access to its vast library of content, which will serve as valuable training data for OpenAI’s AI models. This data infusion will empower the likes of ChatGPT to generate more informed and nuanced responses to user queries. Similarly, users of ChatGPT will benefit from access to summarized content, quotes, and links to FT articles.
Finding specific information within the FT’s vast archive could become easier with AI-powered search functionalities. Imagine a future where AI surfaces articles relevant to your interests, and you will get a glimpse of what the new-found partnership between OpenAI and the Financial Times promises. The fact that OpenAI’s ChatGPT will also be able to condense complex financial news into concise summaries is the icing on the cake, allowing you to stay up-to-date on fast-moving markets or quickly grasp the gist of lengthy reports. This could be particularly helpful for busy users who don’t have the time to delve into every article.
“This is an important agreement in a number of respects,” John Ridding, CEO of FT Group, commented on the matter. “It recognises the value of our award-winning journalism and will give us early insights into how content is surfaced through AI. We have long been a leader in news media innovation, pioneering the subscription model and engagement technologies, and this partnership will help keep us at the forefront of developments in how people access and use information.”
The Financial Times’ partnership with OpenAI is not the first of its kind. In fact, OpenAI has been actively forging ties with various media houses in recent times. Last year, the AI firm secured a deal with the Associated Press, granting them access to the vast AP archive of news articles. Later, Axel Springer signed a content licensing agreement with OpenAI in a deal to “strengthen independent journalism in the age of artificial intelligence (AI).” Similar agreements were struck with Le Monde, a leading French daily newspaper, and Prisa Media, a Spanish media group that owns El País. These deals provide OpenAI with access to high-quality journalism from continental Europe.
The rationale behind these partnerships (and the newest one with FT) can be easily explained. For one, when AI models like ChatGPT are trained on reliable sources like news articles, the credibility and accuracy of their outputs are significantly bolstered. Additionally, AI can be fruitful in the journalism landscape as well – AI can automate tasks like data analysis and content discovery, thus enabling news organizations to leverage AI to streamline workflows and potentially reach new audiences.
