Britannica Transforms into an Artificial Intelligence-Focused Enterprise
Britannica Transforms into an Artificial Intelligence-Focused Enterprise
Originally regarded as a 20th century icon, yet perceived as outdated in the 21st, Encyclopaedia Britannica, now simply known as Britannica, is fully embracing artificial intelligence. Reports suggest a potential public listing at a valuation close to $1 billion, as mentioned in the New York Times.
Until 2012, when its print edition ceased, Britannica's books served as the oldest continuously published English-language encyclopedias worldwide. They amassed an extensive collection of global knowledge, preceding the advent of Google or Wikipedia. This historical advantage has aided Britannica in navigating the AI era, as AI models leverage the utilization of reliable, pre-approved information. Modern AI solutions, such as ChatGPT, may encounter issues due to their consumption of the entire internet, including unwarranted information.
Though it preserves an online edition of its encyclopedia and the Merriam-Webster dictionary, Britannica's primary business now lies in providing AI-enhanced education software to schools and libraries. The AI integration could facilitate tailored learning plans for individual students. This premise bases on the concept that learning engagement increases when software can pinpoint knowledge deficiencies and sustain interest in the topic. Another edtech firm, Brainly, recently announced that its chatbot responses would link directly to referenced study materials.
Britannica's CEO Jorge Cauz revealed to the Times about the company's Britannica AI chatbot, granting users access to its extensive encyclopedic database that has been curated by vetted scholars and editors over two centuries. The company also provides AI-assisted chatbot software for customer service applications.
According to Britannica, its revenues are projected to double from two years ago, reaching $100 million.
A competitor in the selling of educational books, Chegg, seems to have experienced an opposite trajectory. Its stock value has reportedly dwindled, nearly synchronously with the rise of ChatGPT, as students abandoned their subscriptions to Chegg's online knowledge platform.
Chegg's online Q&A platform for homework help, where users pay for answers, has been a longstanding feature. During the pandemic, however, it encountered an influx of new users, leading to hiring additional contractors to address new questions. Unfortunately, it struggled to keep pace with ChatGPT, and users complained about the incorrectness of solutions, particularly from non-professional sources.
The esteemed reputation and legacy of Britannica may aid its success in the era when chatbots are prone to inaccuracies. Apparently, schools are interested in investing in something they perceive as more trustworthy.
In the upcoming tech-driven future, Britannica's AI-enhanced education software could revolutionize learning, offering tailored plans based on individual student needs. Leveraging its extensive historical database curated by vetted scholars, Britannica's AI chatbot is gaining popularity as a more trustworthy alternative to less reliable sources in the era of chatbot proliferation.