Content sells, but who’s buying?

Since ChatGPT’s debut in November 2022, publishers have spent years exploring ways to monetize their content from the AI industry. They blocked scraper bots, went to court and signed marketplace deals. Now they must face the uncomfortable question: Content sells, but which AI companies are buying? The answer decides whether the licensing boom is a real revenue line or a rounding error, and it is more concentrated and more hidden than the headlines suggest.

AI companies need a steady flow of fresh content for training and answer citations, and the industry has been slow to turn that into publisher revenue. But that is changing.

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