Summary
Publishers are leveraging generative AI to streamline operations and sales. Firms like BDG, BuzzFeed, Trusted Media Brands, Time, and The Wall Street Journal are testing AI tools to enhance productivity. The Wall Street Journal's Thematic AI boosts client campaigns, while Time uses AI to reduce menial tasks. AI in sales helps focus on high-success potential campaigns.
Thematic AI is a new AI-based ad tool developed by The Wall Street Journal that functions as a content library. Clients can upload their marketing campaigns or thought leadership content into Thematic AI, and the tool uses an algorithm to distribute the content as an ad unit to specific WSJ readers. The distribution is based on first-party segment data, such as job title or division, and contextual information like the types of content the readers are engaging with. The process is designed to be an 'always on' strategy, enabling fast and easy deployment of campaigns by clients and the WSJ sales team.
Publishers like Time and The Wall Street Journal are utilizing generative AI to enhance their business operations in various ways:
Time is using generative AI to streamline operations and workflows, aiming to do more with less. They have tested AI tools within their engineering team and are exploring other AI tools that can reduce menial tasks across the organization. Time is also using AI for better data-based forecasting and sales pitches, as well as testing a product to create PowerPoint presentations from sales templates.
The Wall Street Journal has developed Thematic AI, an AI-based ad tool, to help amplify clients’ content to the WSJ audience. It serves as a library for clients to upload content, which is then distributed by an algorithm to readers most likely to engage with it. This tool aims to increase operational efficiency, particularly by streamlining media planning efforts and automating low-touch solutions.
Sharon Milz, the Chief Information Officer at Time, highlighted several benefits of using generative AI tools in ad sales:
Improved Forecasting: By utilizing data from previous RFPs and sales decks, AI tools can help Time better predict the likelihood of closing a sale and determine which opportunities to focus on.
Efficient Sales Pitches: AI tools can identify specific keywords that sellers can use in their conversations with clients to promote products more effectively.
Automated Presentation Creation: Time is testing a generative AI product that can automatically create PowerPoint presentations based on inbound RFPs, using Time’s sales templates and design style.
Time Savings: All tools are measured against strict time frame KPIs to assess how much time they save employees, which helps determine the value of training more staff to use these AI tools.
Overall, the use of AI tools in ad sales can reallocate sellers' time to focus on higher-value campaigns and reduce the time spent on menial tasks.
According to Sharon Milz, Time's Chief Information Officer, the relationship between publishers and generative AI companies is evolving and is likely to continue experiencing tensions. However, Milz believes that collaboration is essential, especially in addressing concerns around misinformation. She suggests that there are two possible outcomes for this relationship: either entering into licensing deals or facing lawsuits. Time itself has not signed a licensing deal with a generative AI company yet, but is in active conversations with several AI tech companies to potentially build partnerships. Milz also argues that training large language models on accurate information and content produced by publishers is one of the best ways to combat misinformation caused by AI.
The 2024 presidential election cycle is seen as a potential bright spot for news publishers in a landscape where referral traffic is generally declining. Publishers experienced a significant increase in traffic during the 2020 election cycle, known as the 'Trump bump,' and are hopeful for a similar boost in 2024. However, as of early 2024, only some of the largest news publishers have seen a traffic increase. For instance, The Associated Press saw a 97% growth in unique visitors, while others like Mail Online/Daily Mail experienced a significant decrease. Right-wing media outlets are also facing declines, with the exception of Newsmax, which grew by 37%. The expectation is that traffic usually goes up in a presidential election year, which could be beneficial for publishers' advertising revenue.
