The Australian Parliament has passed a new media law. The law, which seeks to pave the way for Facebook and Google to invest billions of dollars in local news content deals, has received the green signal.
The Australian Parliament has passed a new media law. The law, which seeks to pave the way for Facebook and Google to invest billions of dollars in local news content deals, has received the green signal. The new law will help solve problems with regulators around the world. This law is referred to as the ‘News Media and Digital Platforms Mandatory Bargaining Code’. These companies were initially strongly opposed to the provision that payments should be made to local media companies. But because of this new law the situation has changed. It stipulates that these companies pay billions of dollars to the respective companies during local content deals. Google will pay for news published on its ‘show case’ product and Facebook will pay for news published on its ‘news’ product. Facebook will launch this ‘news’ product later this year. Australia has come up with a proposal to pay media companies for relevant content to publish news on social media. Later turned it into a bill. The two companies initially opposed it. As a result, Facebook has stopped sharing news on its social platform in Australia. This alarmed the Australians. Facebook, meanwhile, has also accused government regulations of being one-sided. However, the government later amended the rules.
With this, Facebook has resumed the process of sharing news in this country from Tuesday. Google has struck deals worth billions of dollars with local media companies. These companies include News Corporation and Nine Entertainment, led by Rupert Murdoch. Facebook has announced that it will be signing its first deal with Seven West, a media company in the country. Over the next three years, they will be able to raise nearly Rs. Facebook and Google have announced an investment of Rs 7,230 crore.
Paul Fletcher, Australia’s communications minister, said the new law would no longer require national media outlets to pay for news published on Facebook and Google. He said after three years of extensive discussions and analysis, they had taken the initiative to bring in a new code. It seems that Britain and Canada are planning to bring in similar bills. All in all, the issue between Facebook and the Australian government in particular has been resolved. At one point, Prime Minister Scott Marisam also criticized his own Facebook page. He said it was inappropriate for the forum to warn that news content in the country would be stopped if they were looking for a solution to the problem. However, as Australia is a rich country, it looks like both giants have come down. The latest decision is expected to show up ahead.
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