Publishers are already adapting to a distribution environment in which search and AI increasingly mediate how audiences find information. Reuters Institute’s 2026 report found that publishers expect search referrals to fall 43% over the next three years, while Google organic search traffic to more than 2,500 news sites fell 33% globally between November 2024 and November 2025.
That pressure is making licensing more relevant. AI deals are the most visible example. Press Gazette reports that OpenAI has agreements with publishers including News Corp., the Financial Times, Axel Springer, The Atlantic, Vox Media, Time, and the Associated Press. Meanwhile, Meta, Amazon, Google, and Microsoft have also pursued publisher partnerships.
The scale can be substantial. Press Gazette has reported annual licensing arrangements ranging from roughly $1 million to $5 million for some medium-sized publishers, with major media groups reaching considerably higher values. News Corp’s reported OpenAI agreement, for example, could be worth as much as $250 million over five years.
For publishers, however, the larger question may be how many different forms of licensing can be built around journalism. AI companies are one well-developed customer group. Corporations and large professional services firms are another. Small and medium sized businesses make up 99% of all businesses and could scale licensing revenue exponentially – if publishers create content that resonates with entrepreneurs, and have the networks to offer them licensing deals at scale.
Omar Hamdi, founder and CEO of Pathos Communications, an “AI-fed, human-led’ PR company, sees an opportunity in that broader market. He said: “There are 400 million SMEs globally, and every one of them would be interested in licensing journalism (for use in their marketing and comms) that mentions their industry, sector, or their business.
“If we get this right, we can create a more representative and inclusive media, provide readers with novel and unique content – do we need another story about Nvidia or Meta? – and generate significant, sustainable licensing revenue for publishers.”
Licensing to businesses of different sizes is already a substantial revenue source for top-tier publishers.
Forbes, for example, explicitly markets licensing and syndication opportunities around its content and rankings, offering partners the ability to showcase Forbes rankings on their own platforms. Its licensing operation identifies uses across corporate communications, financial institutions, educational platforms, media outlets, and other channels, including Forbes lists such as the Billionaires and Best Startup Employers rankings.
The commercial logic is relatively straightforward. A ranking is a recognizable editorial property that can continue to have value after publication. A company named in a list may want to reference that recognition on its website, include an authorized badge in sales materials, display it in an office, use it in recruiting communications, or cite the ranking when communicating with investors and customers.
Inc. offers another useful example. Its 2026 Inc. 5000 ranks the fastest-growing private, independent companies in the United States based on percentage revenue growth from 2022 to 2025. The 2026 cohort generated more than $385 billion in total revenue and recorded a median three-year growth rate of 130%. The list is widely recognized for giving honorees elevated visibility and credibility with clients, investors, and media.
Direct content licensing presents another route. A company featured in an article may want to republish the authorized piece on its website, use it in an investor presentation, include it in an internal newsletter, or share approved excerpts with customers. A licensing framework can formalize those uses while establishing clear boundaries around attribution, editing, placement, and context.
The opportunity may be bigger than many publishers realise – and the demand from licensees is absolutely there. For smaller businesses, media recognition may be particularly relevant. “Media coverage is business as usual for the world’s largest companies. It can be transformational for the smallest – and the universe of newsworthy, growing businesses is bigger than the relatively small number that show up in rankings” Hamdi said.
The challenge is discovery. “Editors get flooded with pitches, and they simply don’t have the time to dig into every single one,” Hamdi said. “Smaller businesses often don’t have dedicated communications teams, so their stories aren’t always packaged in a way that makes an editor’s job easier.
“A company can have a genuinely compelling story, but without the right support or structure, it may never make its way into a newsroom. And what commercial rationale is there for a publisher to write about a ‘mom and pop’ shop when a story about Elon Musk is more likely to create traction?”
Technology-enabled PR infrastructure may help address that gap, allowing firms like Pathos Communications to scalably and reliably provide best in class PR services to businesses that would not or could not retain a PR agency or publicist.
For Hamdi, the distinction between editorial coverage and commercial licensing remains important. “The opportunity is in creating a process through which smaller businesses can communicate their stories efficiently, while leaving the editorial decision with the publication,” he said.
That separation protects the credibility that makes licensed recognition valuable in the first place. A company paying to use an independently produced and edited article is engaging in a commercial transaction. It is not paying for favorable coverage. Editorial decisions remain with journalists and editors, while licensing governs what happens after the content has been created.
The next phase of media licensing will extend beyond agreements with the largest technology companies. A much larger pool of businesses could become customers for licensed content, provided publishers can commercialise those assets without compromising the independence and credibility that give them value.
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