Former ABC News president David Westin says that as the appetite for digital journalism is going up, the economics for original reporting has become increasingly troubled for established news organizations. 

As a means to create a more equitable financial marketplace between news producers and content aggregators, Westin heads NewsRight, a news content licensing technology platform which launched on Thursday.

He calls the company's goal the "transformation of the digital space."

While the scope of the company's services only includes text content, it will soon include photos and videos, Westin tells Beet.TV in this interview.

Andy Plesser