In Axios CEO Jim VandeHei's view, artificial intelligence will eviscerate the weak, ordinary people, and the unprepared from the media, according to the New York Times. Reporting.
VandeHei says the only way for media companies to survive is to focus on providing journalistic expertise, trusted content and direct human relationships. For Axios, that means more live events, a membership program centered around star journalists, and an expansion of its high-end subscription newsletter. “We are in the midst of a very fundamental shift in the way people interact with news and information,'' he said, “as profound, if not more so, than the transition from print to digital.'' It's a thing,” he said. “Five to 10 years from now, we will be living in this virtual world dominated by his AI. Who will be the successful players in the media space that provide smart, wholesome content? ” he added. “We're much better.”
Axios is pouring investment into hosting more events both around the world and in the United States. VandeHei said the events portion of the business grew 60% in 2023 compared to the previous year. The company also introduced a $1,000 annual membership program for select journalists that provides exclusive coverage, events and networking. The first article, published last month, focuses on Eleanor Hawkins, who writes a weekly newsletter for communications professionals. Her newsletter remains free, but paid subscribers get access to additional news and data, as well as quarterly calls with Hawkins…Axios focuses on specific niches in trading She expands Axios Pro with a collection of eight high-end subscription newsletters and the world of policy. Subscriptions start at $599 per year each, and Axios is considering adding a defense policy subscription…
“The premium for someone to tell you something you don't know will become increasingly important, and there won't be a machine that will do that for you,” VandeHei said. VandeHei believes that publications should be compensated for their original intellectual property, he said. It's not a make-or-break topic. He said that Axios is in talks with multiple AI companies about possible deals, but that “nothing is imminent. One of the big mistakes that many media companies have made over the past 15 years is that “I was too worried about how I could get paid for it.” “Instead of thinking about how people eat their lunch by providing a great product, the platform eats our lunch,” he said.
According to the article, “Mr. VandeHei said that Axios is not currently profitable due to investments in new businesses.''
However, “the company continues to hire journalists even as many other news organizations have cut staff.”
