Australia’s competition regulator will this month publish draft rules forcing Facebook and Google to share revenue generated from news with the original publishers.
Facebook and Google have for years operated like shop windows for news stories, plying their billions of visitors with free snippets and information from articles across the web. An antitrust tussle that’s coming to a head in Australia is set to change that.
Investors are sitting up, too. Should watchdogs in other markets follow Australia, it would chip away at two of the most wildly successful business models of the 21st century, built largely on content free-for-alls. Facebook and Alphabet have combined market values in New York, United States, of about US$1.7tril .
Traditional media companies have long complained that their content is being exploited by digital platforms without due compensation. But that’s only part of the picture. Australian news organizations, meanwhile, garnered 2.3 billion clicks from Facebook’s news feed between January and May 2020, Facebook said.
In April, France’s antitrust regulator ordered Google to pay media companies to display snippets of articles. Then in June, Google said it would pay certain media outlets it will feature in a yet-to-be-released news service in Germany, Australia and Brazil. Terms weren’t disclosed.
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