The internet giants will invest more than USD 1 billion in news content, over the next 3 years.
The Australian government adopted a new law with which the internet giants Facebook and Google must pay a percentage to the media that produce news content for their platforms.
Google and Facebook have committed to reaching millionaire agreements like the Australian media, to finance local journalism, which is going through one of the worst economic crises in its history, as a result of the arrival of Covid-19.
For its part, the Australian government believes that this measure will help balance and resolve the conflicts between the traditional media and the internet giants that monopolize the majority of the public and also almost all advertising patterns.
During the negotiation stages, Google had accepted the decision of the Australian government and would pay «important figures» to the media, while Facebook opposed this decision and even blocked all news links from its social network in the country. but finally reached an agreement with the authorities.
The internet giants pledged to invest more than USD 1 billion in news content over the next 3 years.
This initiative by the Australian government could serve as a precedent for other countries that have also been interested in regulating the sector.