2nd CGTN Global Media Summit: New tech brings big changes for news industry

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03:03

The 2nd annual CGTN Global Media Summit and the 8th Global Video Media Forum has concluded in the southwestern Chinese city of Chongqing. The two-day summit explored the future of media development as well as new technologies in the industry. Our reporter Ge Yunfei has this report on the biggest topics of discussion at the gathering.

In today's world, amateur videos and non-verified content often over-shadows the serious news being produced by professional journalists.

Facing this challenge, many experts believe it's time for traditional media outlets to swallow their pride.

SALLY BUZBEE, SENIOR VP & EXECUTIVE EDITOR ASSOCIATED PRESS "I just think it's very dangerous for the traditional media to think that we have all the answers. I think we need to be open to the energy and the change that is happening while holding dear to the values we do deeply believe in."

With the rise of populism and anti-globalization dividing the world, experts say the unexpected results from the 2016 Brexit referendum and the US presidential election should be a wake-up call for traditional outlets.

PHIL CHETWYND, GLOBAL EDITOR-IN-CHIEF AGENCE FRANCE-PRESSE "It's not just in the individual Trump, it's in the voices of the people who feel left behind globalization and feel they're not represented by the current wave of politics in Europe and elsewhere. So I think while we get a lot of Donald Trump, it also helps us tell a story with a much wider area, not just the US."

GE YUNFEI CHONGQING "Over the past decade, the definition of media has greatly expanded via fast-evolving technologies. And at this year's summit, experts are discussing how new technologies from 5G to blockchain will reshape the media industry in the next decade."

On the summit, Japanese broadcaster NHK said with the latest 5g technologies, the 2020 Tokyo Olympics can provide 8k resolution live signals.

GENICHI INABE, DEPUTY DIRECTOR OF GLOBAL IT INNOVATION NEWS DEPARTMENT, NHK "We'd likely to see more in a way of more interacting content with virtual reality. The arrival of real-time virtual reality could change the style of broadcasting."

On the second and final day of the summit, the topics centered on how the media industry could use new technologies to create fresh business models.

MATEJ MICHALKO, FOUNDER & CEO DECENT "The conventional way of payment like Visa, Alipay, Wechat Pay and other payments. And their minimum amount transaction fees are much higher. But blockchain can really go down to fractions like cent. So journalism can really invent a new business model with blockchain technologies."

At the summit, experts agreed that while embracing new technologies and facing modern challenges head on, traditional media outlets still needed to respect journalistic principles and produce quality content. Ge Yunfei, CGTN, Chongqing.