10 Jun 2019

That’s a Lot of Money

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Splinter reports that financial figures show that Google is taking home a paycheck from News almost as large as the entire journalistic community combined.

Last year Google made an astonishing $4.6 billion off the news industry, according to the New York Times. That’s a shocking amount of money, considering the declining state of journalism, and the fact that Google isn’t actually reporting or writing anything itself.

The figure was drawn from a new report by the News Media Alliance, who say the journalism industry deserves to see a cut of those massive earnings.

“They make money off this arrangement and there needs to be a better outcome for news publishers,” David Chavern, the president and CEO of the alliance, told the Times.

The report points out that the entire news industry made $5.1 billion off digital advertising last year, which is only a little more than Google made off that same content. The News Media Alliance believes its estimate of Google’s earnings was conservative, and the real number may be much higher.

“The study blatantly illustrates what we all know so clearly and so painfully,” , Philadelphia Media Network CEO Terrance C.Z. Egger told the Times. “The current dynamics in the relationships between the platforms and our industry are devastating.

RTWT

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