Fox Corp., a major player in the U.S. media landscape, has taken a significant step in digital content management by launching the new blockchain platform, Verify.
This move represents a strategic approach to safeguarding and monetizing their vast media content, ranging from Fox News to Fox Sports, through innovative technology.
The Verify blockchain protocol, developed by Fox Corp’s technology team in collaboration with Polygon Labs, serves as a distributed internet database for media content.
Its cryptographic signature feature is designed to authenticate the origin and history of the content. This breakthrough has the potential to revolutionize how media companies manage and license their content to AI firms.
Strategic Licensing and Collaborations
- Fox Corp. plans to use Verify to license its content to AI companies, enhancing the training of large language models (LLMs) like ChatGPT.
- Discussions are underway with other media companies to adopt the Verify protocol, indicating its broader impact on the media industry.
Integration and Expansion Plans
- Fox Corp. CTO Melody Hildebrandt revealed integrations with third-party publishing systems, allowing automatic assignment of content to the Verify protocol.
- The ambition is to extend the protocol’s application to verify web-wide publisher content.
Since its beta launch in August, Fox has assigned over 80,000 pieces of content to Verify, indicating a bullish stance on its widespread adoption, including for Fox’s entertainment content.
Fox has been at the forefront of blockchain adoption in the media sector, evidenced by its early investments in blockchain tools and products for its entertainment division since 2021.
Despite the challenges blockchain-based projects face in gaining mainstream traction, Fox Corp.’s technology-driven strategy in content negotiation sets it apart from traditional business or legal approaches used by other media giants.
Future Prospects and Commercialization
The commercialization strategy and pricing terms for licensing verified content through the Verify protocol remain undetermined, presenting an area to watch as Fox navigates its path in the evolving AI and blockchain landscape.
Navigating New Frontiers in Media and Technology
Fox Corp.’s Verify platform is a testament to the evolving synergy between media, AI, and blockchain technology. As the company explores new methods of content verification and licensing, it paves the way for innovative solutions in digital content management and sets a precedent for other media companies to follow.
Some media companies like Axel Springer, the publishers behind Business Insider and many more, have opted to sign deals with AI companies like OpenAI, for the distribution of their content in real time.
Others like the New York Times have opted to sue.
