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“Don’t expect help from the disruptors”: The FT’s chief executive on AI, “loyalist” readers, and its U.S. expansion

Mar 10, 2024 - niemanlab.org
The Financial Times (FT) has over 1.4 million subscribers, with more than 1 million being digital subscribers, and 20% based in the United States. The FT has been consistent in its strategic and editorial priorities, focusing on subscriptions and digital revenue. The newspaper is owned by Nikkei, Inc., a Japanese company that also publishes The Nikkei newspaper. The FT has set a goal of reaching a global paying audience of 3 million by 2028. The FT Group CEO, John Ridding, believes that the company's ownership model, which is private ownership by a business owned by its staff, allows for long-term investment and growth.

The FT is focusing on technological and geographical growth, particularly in the U.S. and India. The company is also looking at institutional growth through its FT Professional division. The FT is also working to increase its readership among women and younger audiences. The company is also exploring the use of AI in its newsroom and in developing AI-based products and services for its readers. However, Ridding expressed concern about the potential perils of AI, particularly in relation to big tech companies and their failure to support quality sources of information.

Key takeaways:

  • The Financial Times (FT) has over 1.4 million subscribers, with more than 1 million being digital subscribers. About 20% of these subscribers are based in the United States.
  • FT Group CEO John Ridding has been leading the company since 2006 and has emphasized the importance of subscriptions and digital revenue. The company has been owned by Nikkei, Inc., a Japanese company, since 2015.
  • The FT is investing in data science, paywall innovation, and consulting services to boost business. It also recently announced a new corporate venture arm.
  • The company is also focusing on AI engagement and literacy, making AI tools available to all staff and developing AI-based products and services for readers. However, Ridding emphasizes that their journalism will remain human.
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