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Google unveils its $300M News Initiative for Journalism Industry

Google  today announced a multi-pronged News Initiative, which Chief Business Officer Phillipp Schindler described as a way to tie together all the company’s efforts to work with the journalism industry.

Google-News-Initiative

Google says the News Initiative is focused on three broad goals — strengthening quality journalism, supporting sustainable business models and empowering newsrooms through technological innovation. It’s also committing to spend $300 million over the next three years on its various journalism-related projects.

At a New York City press event, Schindler told journalists and other industry attendees, “Our mission is inherently tied to your business.” He acknowledged that this might sound like “big company rhetoric.” To put it less diplomatically, news organizations might not view Google or the other big Internet platforms as allies given their dominance of the online ad business and the role they play in spreading sensationalistic or questionable stories, not to mention misinformation and hoaxes.

However, Schindler said Google has “two clear business incentives” to support high quality journalism.

First, he said Google search “by its very nature depends on the open web and depends on open access to information and that obviously depends on high quality information.” Second, he noted that Google’s DoubleClick ad business is all about splitting revenue with publishers, with $12.6 billion paid out to partners last year. “The economics are very clear: If you do not grow, we do not grow,” Schindler said. (Source: Techcrunch)