Rupert Murdoch’s News Corporation drops 75% in profit

Rupert Murdoch-owned Company, News Corporation considers AI created content even after profits drop by a large margin.

Although Rupert Murdoch's News Corporation saw a sharp 75% decline in full-year profit, it still sees opportunities as it increases the use of content created by AI to cut costs.

The US-listed media conglomerate reported a net profit of $US187 million ($A287 million) for the fiscal year, down from the previous year's record of $US760 million. The company owns mastheads in the US, UK, and Australia, as well as book publishers, subscription television, and real estate advertising assets.

Lower both digital and print ad campaigns at News Corp. Australia, a subsidiary that includes flagship newspaper The Australian, weighed down the outcome. Additionally, its UK news division reported lower print advertising.

The media company revealed an optimistic assessment of the prospect of generative AI, able to generate text, images, video, and other media, to drive profits. News Corp. produced more than half of its revenue from digital streams for the first time.

The company's Australian division recently revealed that it was using generative AI to produce 3,000 articles per week.

It was difficult for News Corp., which currently holds Wall Street Journal publisher Dow Jones and runs publishing company Harper Collins, to operate during the volatile trading period, which was characterized by high inflation.

The New York Post and The Sun newspapers in London are also part of its stable of publications.