SYDNEY (Reuters) - Australia will force Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google to pay Australian media outlets for news content, Treasurer Josh Frydenberg said on Friday.
A 2019 study estimated about 3,000 journalism jobs have been lost in Australia in the past 10 years, as traditional media companies bled advertising revenue to Google and Facebook which paid nothing for news content.
For every A$100 spent on online advertising in Australia, excluding classifieds, nearly a third goes to Google and Facebook, according to Frydenberg.
Other countries have tried and failed to force the hands of the tech giants.
https://www.reuters.com/article/us-australia-media-regulator/australia-to-make-facebook-google-pay-for-news-in-world-first-idUSKCN24V3UP
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