Tech giants like Meta, Google to be forced to pay for Australian news
CNNSydney Reuters — Australia plans new rules to “create a financial incentive” for big tech firms to pay Australian media companies for news content on their platforms, Assistant Treasurer and Minister for Financial Services Stephen Jones announced on Thursday. The move, described as a “news bargaining initiative,” piles pressure on global tech giants like Facebook-owner Meta Platforms and Google to pay publishers for content or face the risk of paying millions to continue operations in Australia. “The News Bargaining Initiative will … will create a financial incentive for agreement-making between digital platforms and news media businesses in Australia,” Jones told a press conference. “The proposal fails to account for the realities of how our platforms work, specifically that most people don’t come to our platforms for news content and that news publishers voluntarily choose to post content on our platforms because they receive value from doing so.” Meta struck deals with several Australian media firms including News Corp and national broadcaster Australian Broadcasting Corp but has since said it will not renew those arrangements beyond 2024.