The Week That Was: IT and Media news week 10

Meta confirmed the company is testing a text service that looks similar to Twitter. At the same time, The Wall Street Journal says Meta will soon announce new big layoffs of staff.  Meta CEO Mark Zuckerberg has earlier said. 2023 will be the “year of efficiency”. 

The demand for tech talent still significantly exceeds supply, according to a recent survey. Tech companies have all announced big layoffs of staff as they adjust to a global economic downturn and over optimistic hiring of staff during the pandemic but the tech talent crunch is not over, marketing and research firm Gartner says. The lack of tech talent is predicted to last at least until 2026.

The focus on artificial intelligence will lead to an 26.9% increase in AI spending this year. Global spending on AI, including software, hardware, and services for AI-centric systems, will reach $154 billion in 2023, up 26.9% from last year, according to a forecast from market research firm International Data Corporation (IDC). “The fastest growth in AI spending will come from the Media industry..”

60% of people younger than 40 already pay for or donate to news in some way. The older they are, the more likely they are to pay or donate. There is  a real potential for sustainable revenue — if news organizations can create content Millennials and Gen Zers find valuable, according to a US study by  the Media Insight Project, The Associated Press-NORC Center for Public Affairs Research and the American Press Institute.