Australia Brings Payment Regulation for Facebook and Google for News Content!

Australia Brings Payment Regulation for Facebook and Google for News Content! Australia is breaking new ground in the world by aiming to protect independent journalism. Regulations to internet giants such as Facebook Inc and Google to pay media outlets for news content completed on Tuesday.  "This is a great reform, a first in the world and the world is watching what happens in Australia" Treasury Secretary Josh Frydenberg, in line with the law going to parliament this week, said that Big Tech firms need to negotiate with rights holders to pay for the content that appears on local publishers and publishers' platforms. “If they fail to reach an agreement, an arbitrator appointed by the government on their behalf will make that decision,” he added. "This is a major reform, a first in the world and the world is watching what happens in Australia," Frydenberg told reporters in the capital Canberra. "Our legislation is to help ensure that the rules of the physical world are reflected in the rules of the digital world. And ultimately to help our media be sustainable. The law means the strongest control of technology giants' worldwide market power. It follows a three-year research and consultation process. Discussions on whether US companies could stop their services in Australia after the arrangement became public. It causes job losses and widespread shutdowns. Facebook Australia managing director Will Easton said the company will review the legislation and "be involved in the upcoming parliamentary process with a view to moving down to a viable framework for supporting Australia's news ecosystem. A Google representative declined to comment, saying the company has yet to see the final proposed law. In most countries, advertisers direct their spending to the world's largest social media site. The search engine causes newsrooms, job losses and widespread shutdowns that are deprived of their main source of income. According to Frydenberg, regulators are beginning to test their strength to rein in these two mega-companies that receive more than four-fifths of Australia online ad spending. Google announced last October that it plans to pay publishers $ 1 billion to be paid globally in the next three years. The product named Google News Showcase, with which German newspapers have agreed, will be integrated into newspapers such as Der Spiegel, Stern, Die Zeit. It will also be released in Brazil with Folha de S.Paulo, Band and Infobae. Google announced last month that it had signed copyright agreements with six French newspapers and magazines, including national newspapers such as Le Monde and Le Figaro. "It is both very ambitious and very necessary" "It is both very ambitious and very necessary," said Denis Muller, an honorary member of the Journalism Promotion Committee at the University of Melbourne, referring to Australian law. Buying news content at no cost creates an unfair and ultimately democratically harmful ground that needs to be questioned. " Michael Miller, chairman of the board of directors of News Corp Australia, said the law is "an important step towards achieving justice in the relations between Australian news media companies and global tech giants in this 10-year struggle." "It stopped printing in more than 100 Australian newspapers" In May, News Corp stopped printing more than 100 Australian newspapers due to the declining demand for advertisements. There may have been a draft announced earlier this year that could be in favor of tech companies at the end of the day. In the last state of the law; News content shared on Facebook's Instagram and Google's Youtube will not be affected. Facebook and Google platforms will also be allowed to include in the negotiations the value of clicks on web news sites. While Frydenberg mentions the list of media companies that tech giants should deal with, News Corp and Nine Entertainment Co Holdings Ltd. He said the Australian Broadcasting Corporation and its specialist public broadcaster SBS, as well as the dominant private sector organizations like     Source: https://finance.yahoo.com/ You may also be interested in: Companies Worry About Phase 3 of Social Media Sanctions