To boost journalism, Google will pay $3B to news publications over next 3 years
Sundar Pichai called the investment its biggest financial commitment to date and introduced the Google News Showcase platform.
In an effort to boost the news space and help publications curate and create quality content, American tech giant Google will pay $3 billion to news publishers around the globe over the next three years, CEO Sundar Pichai announced in a blog today.
He wrote, "Today I’m proud to announce Google is building on our long-term support with an initial $1 billion investment in partnerships with news publishers and the future of news."
The news comes in the midst of Google's recent announcement that developers charging for apps and downloads from Google Play or have in-app purchases (IAPs) must use Google Play's billing system as the method of payment, and pay 30 percent commission to Google.
Pichai called the $3 billion investment its biggest financial commitment to date and added that the platform, Google News Showcase, will provide a "different kind of online news experience."
"Google News Showcase is a new product that will benefit both publishers and readers: It features the editorial curation of award-winning newsrooms to give readers more insight on the stories that matter, and in the process, helps publishers develop deeper relationships with their audiences," he wrote.
The product will be launched on Google News on iOS, and will come to Google Discover and Search soon.
Sundar Pichai, CEO, Google and Alphabet
The CEO added that the company has partnered with about 200 leading publications across the world including Germany, the UK, Australia, and more. The publications include Der Spiegel, Band, Infobae, Waz, among several others.
Pichai added that going forward, Google plans to add other news publications to its network and introduce the News Showcase platform to countries like India, Belgium, and the Netherlands.
"Both News Showcase and our financial investment—which will extend beyond the initial three years—are focused on contributing to the overall sustainability of our news partners around the world," he added.
The Google CEO said that the platform and the investment are "are focused on contributing to the overall sustainability of our news partners around the world."
"Alongside other companies, governments and civic societies, we want to play our part by helping journalism in the 21st century not just survive, but thrive," wrote Pichai.
Edited by Saheli Sen Gupta