Google launches NT$300m fund to support Taiwanese publishers

Google has partnered with Digital Transformation Association (DTA) to launch the Taiwan News Digital Co-prosperity Fund to help Taiwanese publishers of all sizes build a digital foundation, expand their reach and improve audience engagement.

The new NT$300m investment will fund digital transformation projects proposed by news organisations. The funding will run over the course of three years, and it will be accompanied by ongoing training on digital skills through the Google News Initiative (GNI), according to the official statement. 

Google told MARKETING-INTERACTIVE that the mechanism of the fund by the end of first quarter 2023. The purpose of the fund is to help Taiwan's news ecosystem, therefore, applicants must be news organisations that mainly produce original content of "public interest" and have a substantial relationship with Taiwan, including having the main place of business in Taiwan, news production, and distribution in Taiwan.

Google has consulted with and listened to news publishers and policymakers in Taiwan and publishers say they want to hone digital skills, gain expertise and support the sustainable development of Taiwan's news industry. The initiative will be supported by Ministry of Digital Affairs (MODA) and key industry partners including Taipei Newspaper Business Association, the Taipei Magazine Business Association, the Satellite Radio and Television Business Association and the Television Society.

This came following Google's commitment to supporting the creation of quality journalism in the digital age by collaborating with the news industry and invested globally. This fund provides a new and much-needed model for the changing needs of Taiwanese publishers. "This new partnership adds to our broader efforts with government, NGOs and businesses to provide access to quality information, strengthen digital literacy and develop fact-checking capabilities in Taiwan,” the statement read.

Kate Beddoe, director, news partnerships of Google Asia Pacific, said, “This Digital Co-prosperity Fund provides a new and much-needed model for the changing needs of Taiwanese publishers. This new partnership adds to our broader efforts with government, NGOs and businesses to provide access to quality information, strengthen digital literacy and develop fact-checking capabilities in Taiwan.”

Jane Li, senior vice president of Sanlih E-Television, said: "The news industry needs to understand that going digital is inevitable. We're excited to hear about Google's continued commitment to working with the news industry in Taiwan to digitalise."

Meanwhile, Michael Chien, chief digital officer at Common-Wealth Magazine, said: "We've pioneered decision-making based on data. With the Google News Initiative's help, we standardised our internal operations, seeing increased engagement with active users and growth in new memberships."

Don't miss: Google lays off an estimated 190 people in Singapore

Previously, Google revealed that Taiwan's advertising revenues for traditional media outlets have dropped 70% from 2003 to 2020, according to China Times. Meanwhile, 81% of news readers obtain news information through the internet or social media, and the monthly visitor flow of the eight major news websites in Taiwan is as high as 400 million. Tina Lin, managing director of sales and operations at Google Taiwan said that while Google is facing many challenges in the overall international environment, Taiwan is remaining a crucial global stronghold.

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