site.btaIvaylo Petrov: MINDS Builds Bridge between Technology Companies and Media Outlets

MINDS International is building a bridge between technology companies and media outlets, including news agencies, the network’s Head of Research and Communications, Ivaylo Petrov, said at the 20th World Meeting of Bulgarian Media, which started in Sofia on Saturday. The annual World Meetings of Bulgarian Media are organized by the Bulgarian News Agency (BTA).

MINDS (Media Innovation Network) is a global network of 25 leading news agencies, including BTA.

Speaking via videoconference from the United States during the meeting’s second panel, “New Knowledge in the Media,” Petrov listed four priorities for news agencies: finding a sustainable business model, developing new services, providing reliable and high-quality information, and tapping the potential of artificial intelligence (AI).

Back in 2007, when Steve Jobs launched the first iPhone with a touchscreen, it caused a fundamental shift in how the media can be accessed. AI is something like that, Petrov said. It is a disruptor which will change the rules of the game and will transform the market, he predicted.

On the downside, AI technology can create very authentic-looking videos and photos which can hardly be recognized as fake even by professionals, Petrov warned. Therefore, he said, the media, particularly news agencies, should collaborate with AI companies to provide services which can help people tell fake news from real news. Another issue is that technology companies train their AI models using news content, which is free but is created by journalists who put a lot of effort into it. Technology companies create very expensive products. The question of how the media should be compensated has been on the agenda for quite some time, the expert said.

He noted that, overall, AI is a very positive development in the field of technology which provides opportunities for news agencies and other media to develop new business models.

Petrov stressed the importance of media literacy nowadays. He believes that the media should invest in teaching their readers and listeners how to distinguish fake news from real news. If the education system and society itself contribute to the effort, it will be possible to ensure a successful future for society, he said.