Data as the New Currency: The Strategies of Amazon, Alphabet, Reddit and Aspermont

Alphabet Secures Access to Publications Worldwide

Google's parent company, Alphabet, is increasingly paying publishers to use their content in AI features, largely setting the terms itself. According to Google, more than 400 publications worldwide now participate in the News AI pilot programme. Prominent media companies such as CNN, the Financial Times, Axios and Forbes joined in mid-October. Google uses the licensed content for article summaries in Google News and for audio briefings, for example. The company does not disclose financial details. Google is also testing a usage-based remuneration model, the “AI contribution pilot”, first reported by industry publication Digiday. According to The Information, around 100 digital publishers are paid through this programme according to how much their content contributes to answers in AI services such as Gemini. Payments vary widely: smaller sites received less than USD 1,000 over several months, while an early participant received more than USD 1 million per year. However, Google's calculation of these contributions remains opaque.

Reddit Struggles With the Pitfalls of Data Licensing

The social media platform Reddit exemplifies the commercial potential and risks of the data business. The company entered into an agreement with Google in 2024, for which Reddit reportedly receives around USD 60 million per year. In return, Google is allowed to use the extensive archive of user-generated content to train AI models. As the Wall Street Journal reported in July, both sides are negotiating an extension. According to the report, Reddit is considering restricting Google's access to its data; no decision has yet been made. This stems from concerns that Google's AI Overviews could siphon off direct web traffic to Reddit and undermine its business model. Uncertainty over the future of the licence weighed on the shares: on the day of the reports, the stock fell 8.7% according to Dow Jones.

Aspermont Transforms 190 Years of Mining History Into Data Points

Aspermont operates as a data and information provider for the raw materials sector. The company is transforming its historical specialist archive, including the roughly 190-year-old Mining Journal, into the AI-powered data and analytics platform Mining IQ. The investor update for the third quarter of the 2026 financial year documents the operational development. Aspermont generated revenue of AUD 4.5 million from continuing operations in the third quarter. This represents growth of 25% compared with the same quarter of the previous year and 15% compared with the previous quarter. Normalised EBITDA reached break-even, a significant improvement from a loss of AUD 0.6 million in the same period last year. Annual recurring revenue (ARR) stood at around AUD 11 million at mid-year. Aspermont recorded subscription revenue growth for the 40th consecutive quarter. Average revenue per corporate subscription has grown by an average of 17% per year since 2016.

Rio Tinto as the First Data Customer

Revenue from data licensing and subscriptions amounted to AUD 7.6 million in the first nine months of the financial year, up 1% year on year. At the same time, other revenue increased by 65% to AUD 4.3 million. In its data business, Aspermont secured its first major customer, Rio Tinto. According to a company announcement dated August 21, 2025, Aspermont is digitising its archive for the mining group for approximately AUD 550,000 and using it to build an AI-powered search and analytics platform. Rio Tinto subsequently receives exclusive access to the data for six months.

Aspermont: Niche Expertise as a Strategic Advantage

Although Aspermont reached break-even on normalised EBITDA in the third quarter, operating cash flow remained slightly negative at minus AUD 0.4 million. The company has no debt. Aspermont now expects sustainably positive operating cash flow in the second half of the 2027 financial year. The development of generative AI now resembles a black box: it remains unclear what innovations Anthropic, Alphabet, as well as Amazon, Microsoft and OpenAI will bring to market in the future. Nevertheless, with its history in mining, Aspermont occupies an exclusive niche that general AI models struggle to cover. As more and more industrial companies need mining expertise to provide an informed basis for the strategic procurement of critical raw materials, Aspermont's deep specialisation could become a competitive advantage in the data business.