Crowdsourced News

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Crowdsourced news represents a paradigm shift in how information is gathered, verified, and disseminated in the digital age.

It refers to the practice of collecting news stories, eyewitness accounts, and other relevant information from a large group of people, typically through the internet and social media platforms.

The evolution of news gathering and reporting has been dramatically influenced by technological advancements and changing consumer behaviors.

From traditional print and broadcast media to the rise of online journalism, the landscape has continually evolved. Crowdsourced news marks the latest chapter in this evolution, empowering ordinary citizens to become active participants in the news creation process.

How Crowdsourced News Works

Platforms and technologies

Crowdsourced news relies on various digital platforms and technologies:

  • Social media networks (e.g., Twitter, Facebook, Instagram)
  • Dedicated crowdsourcing news websites
  • Mobile apps designed for citizen journalism
  • Content aggregation tools and algorithms

These platforms provide the infrastructure for collecting, organizing, and distributing user-generated news content.

User contribution methods

Users can contribute to crowdsourced news in several ways:

  • Sharing eyewitness accounts of events
  • Uploading photos and videos of newsworthy incidents
  • Providing local context and background information
  • Fact-checking and verifying information
  • Translating content from different languages

Verification processes

To maintain credibility, crowdsourced news platforms often employ verification processes:

  • Cross-referencing multiple sources
  • Geolocation verification of submitted content
  • Digital forensics to authenticate images and videos
  • Collaboration with professional journalists for fact-checking
  • Community-driven moderation and flagging systems

Advantages of Crowdsourced News

Real-time reporting

Crowdsourced news enables instant reporting of events as they unfold, often beating traditional media outlets to breaking stories.

Diverse perspectives

By drawing from a wide range of contributors, crowdsourced news can offer multiple viewpoints on events, providing a more comprehensive picture.

Coverage of underreported stories

Crowdsourcing allows for the coverage of local or niche stories that might be overlooked by mainstream media due to resource constraints.

Cost-effectiveness

Leveraging user-generated content can significantly reduce the costs associated with news gathering and reporting.

Challenges and Limitations

Reliability and accuracy concerns

The open nature of crowdsourcing can lead to the spread of unverified or false information, challenging the reliability of news reports.

Bias and manipulation risks

Crowdsourced news is susceptible to intentional manipulation by individuals or groups with specific agendas.

Ethical considerations

Issues such as privacy invasion, consent for using submitted content, and the safety of citizen journalists pose ethical challenges.

Information overload

The sheer volume of user-generated content can make it difficult to filter out noise and focus on truly newsworthy information.

Impact on Traditional Journalism

Changing roles of professional journalists

Journalists are increasingly taking on roles as curators, verifiers, and contextualizers of crowdsourced information.

Adaptation of traditional media outlets

Many established news organizations are incorporating crowdsourced elements into their reporting processes to stay relevant and competitive.

Collaborative models between professionals and citizens

Hybrid models are emerging where professional journalists work alongside citizen contributors to produce comprehensive news coverage.

Notable Crowdsourced News Platforms

Social media platforms

Twitter, Facebook, and Reddit have become significant sources of real-time, user-generated news content.

Dedicated crowdsourcing news sites

Platforms like Wikinews and Bellingcat specialize in collaborative, crowdsourced journalism.

Citizen journalism apps

Mobile apps like Snapchat’s Snap Map and Citizen enable users to report and share local news events.

Best Practices in Crowdsourced News

Fact-checking and verification

Implementing robust fact-checking processes is crucial to maintain the credibility of crowdsourced news.

Source credibility assessment

Developing systems to evaluate and rank the reliability of contributors can help in filtering quality information.

Ethical guidelines for contributors

Establishing clear ethical guidelines for user contributions helps maintain journalistic standards in crowdsourced content.

Transparency in reporting processes

Being open about how information is sourced, verified, and reported builds trust with the audience.

Legal and Ethical Implications

Copyright and intellectual property issues

The use of user-generated content raises questions about copyright ownership and fair use.

Privacy concerns

Protecting the privacy of individuals featured in crowdsourced news stories is a significant ethical challenge.

Liability for false information

Determining legal responsibility for the spread of misinformation through crowdsourced platforms is a complex issue.

Journalistic ethics in a crowdsourced environment

Maintaining traditional journalistic ethics in a decentralized, user-driven news ecosystem presents unique challenges.

Future Trends in Crowdsourced News

AI and machine learning in news curation

Advanced algorithms will play an increasingly important role in sorting, verifying, and presenting crowdsourced news content.

Blockchain for verification and credibility

Blockchain technology could provide a transparent and tamper-proof system for verifying the origins and authenticity of news content.

Virtual and augmented reality in news reporting

Immersive technologies may enable more engaging and interactive forms of crowdsourced news experiences.

Integration with Internet of Things (IoT) devices

IoT devices could become sources of automated, real-time news data, complementing human-generated content.

Case Studies

Successful crowdsourced news stories

Examples of impactful stories that were broken or significantly advanced through crowdsourced information.

Instances of misinformation and lessons learned

Analysis of cases where crowdsourced news led to the spread of false information, and the lessons derived from these incidents.

Extract Alpha and Crowdsourced News Analysis

Extract Alpha datasets and signals are used by hedge funds and asset management firms managing more than $1.5 trillion in assets in the U.S., EMEA, and the Asia Pacific. We work with quants, data specialists, and asset managers across the financial services industry.

In the context of crowdsourced news, Extract Alpha’s expertise can be particularly valuable. The company’s advanced data processing and signal generation methodologies can be applied to:

  1. Analyze sentiment and trends in crowdsourced news content to predict market movements
  2. Identify emerging stories or themes that might impact financial markets
  3. Assess the credibility and impact of crowdsourced information on various financial instruments
  4. Develop algorithms to filter and prioritize crowdsourced news for trading strategies
  5. Create early warning systems for potential market-moving events based on crowdsourced data

As the landscape of news consumption continues to evolve, the sophisticated data analysis techniques employed by firms like Extract Alpha are likely to play an increasingly important role in extracting valuable insights from the vast pool of crowdsourced information.

Conclusion

Crowdsourced news represents both a challenge and an opportunity for the future of journalism. While it offers unprecedented access to real-time information and diverse perspectives, it also raises significant concerns about accuracy, reliability, and ethical standards.

The evolving landscape of news consumption demands a delicate balance between embracing the democratizing power of crowdsourcing and maintaining the integrity and credibility of journalism. As technology continues to advance, we can expect to see further innovations in how crowdsourced news is gathered, verified, and disseminated.

Ultimately, the success of crowdsourced news will depend on the development of robust systems for verification, the cultivation of media literacy among consumers, and the continued evolution of collaborative models between professional journalists and citizen contributors.

Frequently Asked Questions

What is crowdsourcing news?

Crowdsourcing news refers to the practice of gathering, verifying, and disseminating news content by leveraging contributions from a large group of people, typically through internet platforms. It involves:

  • Collecting eyewitness accounts, photos, and videos from the public
  • Utilizing user-generated content to report on events
  • Collaborating with citizens to fact-check and verify information
  • Aggregating diverse perspectives on news stories
  • Enabling real-time reporting of events as they unfold

This approach allows for a more participatory form of journalism, where the public plays an active role in the news creation process.

Can I earn from crowdsource?

Yes, it’s possible to earn money through crowdsourcing, although the methods and amount can vary widely:

  1. Freelance platforms: Websites like Upwork or Fiverr offer opportunities for various crowdsourced tasks.
  2. Microtask platforms: Sites like Amazon Mechanical Turk allow you to complete small tasks for payment.
  3. Content creation: Writing articles, creating videos, or designing graphics for crowdsourced content platforms.
  4. Citizen journalism: Some news organizations pay for user-submitted content or tips.
  5. Problem-solving platforms: Websites like InnoCentive offer rewards for solving specific challenges.
  6. Testing and feedback: Participating in user testing for websites or apps.
  7. Data collection: Gathering local information or conducting surveys.

Earnings can range from a few cents for simple tasks to substantial amounts for specialized skills or valuable contributions.

What is an example of crowdsourced?

There are many examples of successful crowdsourcing across various fields:

  1. Wikipedia: A crowdsourced encyclopedia where volunteers contribute and edit content.
  2. Waze: A navigation app that uses driver-submitted data to provide real-time traffic information.
  3. LEGO Ideas: A platform where fans submit ideas for new LEGO sets, with popular designs potentially becoming real products.
  4. Threadless: An online apparel company that crowdsources t-shirt designs from its community.
  5. Ushahidi: A platform used for crisis mapping and citizen reporting during disasters or conflicts.
  6. reCAPTCHA: While verifying users aren’t bots, it also helps digitize books and improve machine learning algorithms.
  7. Zooniverse: A platform for citizen science projects, allowing the public to contribute to scientific research.

These examples demonstrate how crowdsourcing can be applied to gather information, solve problems, or create products across different industries.

What is the difference between crowd sourced and crowdsourced?

There is no difference between “crowd sourced” and “crowdsourced” in meaning. These are simply different ways of writing the same concept:

  • “Crowdsourced” (one word) is the more common and generally preferred spelling in modern usage.
  • “Crowd sourced” (two words) is an alternative spelling that was more common when the term was first coined but is less frequently used now.
  • “Crowd-sourced” (hyphenated) is another variation sometimes seen, especially in older texts or more formal writing.

All these forms refer to the practice of obtaining information, ideas, or content by soliciting contributions from a large group of people, especially online communities, rather than from traditional employees or suppliers.

What are the 4 types of crowdsourcing?

While there are various ways to categorize crowdsourcing, one common classification identifies four main types:

  1. Crowd Creation (or Content Creation):
    • Involves the crowd producing creative content
    • Examples: Wikipedia, YouTube, stock photography websites
  2. Crowd Wisdom (or Collective Intelligence):
    • Leverages the collective knowledge or judgment of a crowd
    • Examples: Prediction markets, Q&A forums like Quora
  3. Crowd Voting:
    • Uses the crowd’s opinions to organize, filter, or rank content
    • Examples: Reddit’s upvoting system, product reviews on e-commerce sites
  4. Crowdfunding:
    • Raises money from a large number of people, typically via the internet
    • Examples: Kickstarter, GoFundMe, Indiegogo

Some classifications might include additional categories like microtasking or problem-solving, but these four types cover the main approaches to crowdsourcing.

What is an example of a crowdsourced delivery?

Crowdsourced delivery refers to using a network of local, non-professional couriers to deliver packages or items. Some examples include:

  1. Instacart: Allows customers to order groceries online, which are then shopped for and delivered by gig workers.
  2. DoorDash: Uses a network of drivers to pick up and deliver food from restaurants to customers.
  3. Amazon Flex: Enables individuals to use their own vehicles to deliver Amazon packages.
  4. Postmates: Offers on-demand delivery of various items, from food to retail products, using crowdsourced couriers.
  5. Roadie: A platform that connects people who need to send items with drivers already heading in that direction.
  6. Deliv: Provides same-day delivery services for retailers using a network of local drivers.
  7. Uber Connect: A peer-to-peer delivery service that allows users to send packages via Uber drivers.

These services leverage technology to connect customers with nearby individuals willing to perform deliveries, often providing more flexible and sometimes faster delivery options compared to traditional courier services.

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John Chen

John joined ExtractAlpha in 2023 as the Director of Partnerships & Customer Success. He has extensive experience in the financial information services industry, having previously served as a Director of Client Specialist at Refinitiv. John holds dual Bachelor’s degrees in Commerce and Architecture (Design) from The University of Melbourne.

Chloe Miao

Chloe joined ExtractAlpha in 2023. Prior to joining, she was an associate director at Value Search Asia Limited. She earned her Masters of Arts in Global Communications from the Chinese University of Hong Kong.

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Matija is a specialist in software sales and customer success, bringing experience from various industries. His career, before sales, includes tech support, software development, and managerial roles. He earned his BSc and Specialist Degree in Electrical Engineering at the University of Montenegro.

Jack Kim

Jack joined ExtractAlpha in 2022. Previously, he spent 20+ years supporting pre- and after-sales activities to drive sales in the Asia Pacific market. He has worked in many different industries including, technology, financial services, and manufacturing, where he developed excellent customer relationship management skills. He received his Bachelor of Business in Operations Management from the University of Technology Sydney.

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Perry Stupp

Perry brings more than 20 years of Enterprise Software development, sales and customer engagement experience focused on Fortune 1000 customers. Prior to joining ExtractAlpha as a Technical Consultant, Perry was the founder, President and Chief Customer Officer at Solution Labs Inc. a data analytics company that specialized in the analysis of very large-scale computing infrastructures in place at some of the largest corporate data centers in the world.

Janette Ho

Janette has 22+ years of leadership and management experience in FinTech and analytics sales and business development in the Asia Pacific region. In addition to expertise in quantitative models, she has worked on risk management, portfolio attribution, fund accounting, and custodian services. Janette is currently head of relationship management at Moody’s Analytics in the Asia-Pacific region, and was formerly Managing Director at State Street, head of sales for APAC Asset Management at Thomson Reuters, and head of Asia for StarMine. She is also a board member at Human Financial, a FinTech firm focused on the Australian superannuation industry.

Leigh Drogen

Leigh founded Estimize in 2011. Prior to Estimize, Leigh ran Surfview Capital, a New York based quantitative investment management firm trading medium frequency momentum strategies. He was also an early member of the team at StockTwits where he worked on product and business development.  Leigh is now the CEO of StarKiller Capital, an institutional investment management firm in the digital asset space.

Andrew Barry

Andrew is the CEO of Human Financial, a technology innovator that is pioneering consumer-led solutions for the superannuation industry. Andrew was previously CEO of Alpha Beta, a global quant hedge fund business. Prior to Alpha Beta he held senior roles in a number of hedge funds globally.

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Steven Barrett

Steve worked as a trader at hedge funds and prop desks in Hong Kong and London for 15+ years. He also held roles in management consultancy, internal audit and business management. He holds a BA in Business Studies from Oxford Brookes University and an MBA from Hong Kong University of Science & Technology.

Jenny Zhou, PhD

Jenny joined ExtractAlpha in 2023. Prior to that, she worked as a quantitative researcher for Chorus, a hedge fund under AXA Investment Managers. Jenny received her PhD in finance from the University of Hong Kong in 2023. Her research covers ESG, natural language processing, and market microstructure. Jenny received her Bachelor degree in Finance from The Chinese University of Hong Kong in 2019. Her research has been published in the Journal of Financial Markets.

Kristen Gavazzi

Kristen joined ExtractAlpha in 2021 as a Sales Director. As a past employee of StarMine, Kristen has extensive experience in analyst performance analytics and helped to build out the sell-side solution, StarMine Monitor. She received her BS in Business Management from Cornell University.

Triloke Rajbhandary

Triloke has 10+ years experience in designing and developing software systems in the financial services industry. He joined ExtractAlpha in 2016. Prior to that, he worked as a senior software engineer at HSBC Global Technologies. He holds a Master of Applied Science degree from Ryerson University specializing in signal processing.

Jackie Cheng, PhD

Jackie joined ExtractAlpha in 2018 as a quantitative researcher. He received his PhD in the field of optoelectronic physics from The University of Hong Kong in 2017. He published 17 journal papers and holds a US patent, and has 500 citations with an h-index of 13. Prior to joining ExtractAlpha, he worked with a Shenzhen-based CTA researching trading strategies on Chinese futures. Jackie received his Bachelor’s degree in engineering from Zhejiang University in 2013.

Yunan Liu, PhD

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Willett Bird, CFA

Prior to joining ExtractAlpha in 2022, Willett was a sales director for Vidrio Financial. Willett was based in Hong Kong for nearly two decades where he oversaw FIS Global’s Asset Management and Commercial Banking efforts. Willett worked at FactSet, where he built the Asian Portfolio and Quantitative Analytics team and oversaw FactSet’s Southeast Asian operations. Willett completed his undergraduate studies at Georgetown University and finished a joint degree MBA from the Northwestern Kellogg School and the Hong Kong University of Science and Technology in 2010. Willett also holds the Chartered Financial Analyst (CFA) designation.

Julie Craig

Julie Craig is a senior marketing executive with decades of experience marketing high tech, fintech, and financial services offerings. She joined ExtractAlpha in 2022. She was formerly with AlphaSense, where she led marketing at a startup now valued at $1.7B. Prior to that, she was with Interactive Data where she led marketing initiatives and a multi-million dollar budget for an award-winning product line for individual and institutional investors.

Jeff Geisenheimer

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Vinesh Jha

Vinesh founded ExtractAlpha in 2013 with the mission of bringing analytical rigor to the analysis and marketing of new datasets for the capital markets. Since ExtractAlpha’s merger with Estimize in early 2021, he has served as the CEO of both entities. From 1999 to 2005, Vinesh was the Director of Quantitative Research at StarMine in San Francisco, where he developed industry leading metrics of sell side analyst performance as well as successful commercial alpha signals and products based on analyst, fundamental, and other data sources. Subsequently, he developed systematic trading strategies for proprietary trading desks at Merrill Lynch and Morgan Stanley in New York. Most recently he was Executive Director at PDT Partners, a spinoff of Morgan Stanley’s premiere quant prop trading group, where in addition to research, he also applied his experience in the communication of complex quantitative concepts to investor relations. Vinesh holds an undergraduate degree from the University of Chicago and a graduate degree from the University of Cambridge, both in mathematics.

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