SINGAPORE – SPH Media is joining hands with Japanese financial news outlet Nikkei to exchange editorial knowledge between newsrooms, collaborate on new artificial intelligence (AI) technology, and develop the regional audience for both companies.
The partnership, jointly announced by SPH Media and Nikkei on Wednesday, will see regular exchanges between the two companies in the form of briefings, study trips and attachments for editorial staff to share best practices and experiences. This will kick off in the second half of 2023.
“These exchanges will enable both companies to discuss and learn from each other on topics such as digital transformation, the use of data analytics, and editorial talent development,” the companies said in a joint release, following the signing of a memorandum of understanding.
SPH Media will also explore the use of AI technology developed through Nikkei’s English-language data service scoutAsia. The Asia-focused news and company data platform, which was jointly developed by Nikkei and the Financial Times in 2018, provides AI-driven insights on what is changing in Asian businesses.
Since March, SPH Media has started work on a project to explore the potential applications of technology solutions to enhance its digital news offerings.
With Nikkei’s support, SPH Media and Singapore-founded AI venture DC Frontiers intend to develop applications of technology solutions as part of the project’s next phase, which is expected to be completed in the third quarter of 2023.
“This could allow SPH Media to include the use of advanced technologies such as AI article tagging and meaning extraction in its digital news offerings,” said the companies.
Meaning extraction refers to scanning articles to extract information based on given parameters, and, in this case, to potentially summarise articles automatically.
Nikkei will also support leading Asian media companies in their digitalisation efforts, as it expands its global business.
“Both (SPH Media and Nikkei) are keen to embark on joint initiatives that can further the development of their respective regional audiences,” said the companies. This will include collaboration on events, marketing and sales, that leverage on their networks.
SPH Media group chief executive Teo Lay Lim, said: “Since SPH Media’s restructuring in December 2021, we have been investing resources to digitally transform our news titles to provide a better user experience. We are very happy to partner with Nikkei to further pursue our transformation efforts, and bring quality and user-friendly news products to our readers.”
“By partnering with SPH Media, Nikkei hopes to draw on both companies’ AI technology utilisation and digitalisation expertise,” said Nikkei president and chief executive Tsuyoshi Hasebe.
“We are confident that this exchange will ultimately support our mission to assist our users in making well-informed business decisions.”
