FIPP World Media Congress 2024 report now available
Following the hugely successful FIPP World Media Congress in early June, the international media intelligence and business network Media Makers Meet (MX3) has released a report taking an in-depth look at the event.
The annual FIPP Congress saw delegates, top speakers, media decision-makers, tech partners and other service providers from around the globe come together in the picturesque Portuguese town of Cascais for three days of talks and networking.
Some of the global B2C and B2B media brands that made the trip included Dotdash Meredith, Axel Springer, Huasheng Media, Condé Nast, Vikatan Group, Burda Verlag, Mediagene Inc., Hearst, ¡HOLA! Spain, MIT Sloan Management Review, AGC Power Holdings, Prisma Media and Harvard Business Review.
The MX3 report covers all the key topics at Congress including artificial intelligence, tech innovation, revenue strategies, engaging future generations, DEI, sustainability, advertising, licensing, as well as the enduring appeal of print magazines and the rise of creator-led media.
“Congress highlighted FIPP’s mission to support media companies in thriving amidst the most rapid change the industry has ever witnessed, as well as providing a hub for industry insights and acting as a catalyst for growth and innovation,” the report points out.
“As part of this, strong emphasis was placed on providing the space for networking and an environment that encouraged rich conversations between delegates.”
Listing some of the key takeaways from Congress, the report dives into the biggest talking point at the event, AI, and in particular the memorable keynote speech by Dr Seth Dobrin, CEO of Qantm AI, former Chief Global AI Officer of IBM and author.
No sooner had delegates settled in than Dr Dobrin announced that “AI was a scam” and that whilst, “Generative AI has the potential to transform every industry, most organisations don’t get value from AI”.
Dr Dobrin implored media companies to “have KPIs and accountability in terms of dollars” and that, “AI will only inspire staff by delivering clear business value”.
Dr Dobrin added that because AI has been created by humans, it will be flawed: “AI tech in today’s form has no way of not hallucinating”. Calming a few fears, he added: “When AI makes a mistake, it will be a more precise mistake, and it is easier to deal with inaccuracy when it is precise.”
With one of the biggest debates at Congress being whether to work with AI companies or sue those training its algorithms on copyrighted content, Juan Señor of Innovation Media Consulting, launching the Innovation in Media World Report, told delegates that Open AI’s negotiating deck had been leaked and that it offered both fixed fees and variable fees. He added, however, that, “Publishers are just one third of the AI input – 30% Wikipedia and corporate sites, 30% academia, 30% journalism.”
Dr Jon Roberts, CIO Dotdash Meredith’s CIO, said partnership was the way forward, disclosing how his company’s agreement with OpenAI was based on the rationale that: “AI platforms should pay publishers for their content and content must be appropriately attributed”.
Steffen Damborg, CEO and Author of Mastering Digital Transformation, had a different view: “There is an asymmetric power balance between Big Tech and publishers. They are our worst competitors and are competing for the same audiences.
“They are also investing billions in talent and software. Only journalism can save journalism. You must be true to your brand, invest in talent, and don’t rely too much on GenAI to save your business.”
The MX3 report also reveals why there is a renaissance in print; how a key focus of Congress was the variety of monetisation strategies available to publishers; why inclusivity has become a central pillar of media business operations; and the genuine passion and commitment by publishers to engage their audiences more meaningfully.
The full report can be downloaded for free here.
