SYDNEY (Reuters) – Australia will pass legislation within months obliging Facebook Inc (FB.O) and Alphabet Inc’s (GOOGL.O) Google to share advertising revenue with local media firms, the country’s treasurer said on Monday, becoming one of the first countries to require digital platforms to pay for content they use.
FILE PHOTO: The logo of Google is seen in Davos, Switzerland Januar 20, 2020. REUTERS/Arnd Wiegmann/File Photo
Treasurer Josh Frydenberg said in a statement the move comes after talks with Facebook and Alphabet failed to yield a voluntary code to address complaints by domestic media players that the tech giants have too tight a grip on advertising, their main source of income.
“On the fundamental issue of payment for content, which the code was seeking to resolve, there was no meaningful progress,” the treasurer said in a separate opinion piece in The Australian newspaper.
Australia’s online advertising market is worth about worth almost A$9 billion ($5.72…
Source Reuters Tech News
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