Companies such as Buzzfeed and CNET have turned to tech to innovate their content production, forced by the sensitive economic conditions causing layoffs. Buzzfeed’s famous “listicles” and quizzes will now be created using AI, the news of which resulted in its stock to double. CNET has also begun using AI to create around 75 personal finance articles, but has impeded trials due to factual errors. These moves are only few of many highlighting the excitement following the public launch of ChatGPT, with reports of Microsoft investing 10 billion dollars in the tool.
The media industry has experienced huge losses over the last decade, with newsroom employment falling 26% since 2008. The tech industry has also been heavily impacted by recent economic crises, with Meta, Amazon and Microsoft dismissing hundreds of their employees, striving to cut down on costs.
Some laid-off tech employees have turned to social media to voice their concerns: “I moved to Singapore with this company and built a life here.” says @meggiemanifest on TikTok. “I’ve worked for Amazon for eight years and I’ve been promoted a ton of times, I got promoted twice last year and had an amazing review just a month ago” says another TikToker, @sohltrain.
As companies struggle to operate amidst economic instability, the wave of layoffs is a stark reminder of the challenges facing the media industry. While the use of AI may help reduce costs and is an exciting venture for many tech companies and enthusiasts, the overall outlook of the effects this has on media and tech employees seems rather bleak.