The Australian Parliament has passed a landmark law requiring Google and Facebook to share in profits from sharing Australian media news.

According to Apnews agency, Australian Finance Minister Josh Friedenberg. Paul Fletcher the Information Minister said in his statement.

This is a very important law that media outlets around the world have been eagerly awaiting. Since it has set a model and now news sources in different nations can profit from it. They will be able to reward their diligent effort.

Initially, Google and Facebook emphatically opposed the Australian law. Even banned the sharing of information in the Australian media. However, Facebook withdrew its decision after allegations of restrictions on freedom of expression and strong reactions.

Forced to take The two companies then sat down at the negotiating table with the Australian government. Furthermore, after some relaxation of the rules, the last-minute talks were successful.

Google will now pay for news items that appear in its news showcases to related media outlets. While Facebook is also expected to start paying for content published in its news products soon.

Surveillance agencies say that large online advertising companies. As Facebook and Google, have already run out of ads from traditional media outlets, and that these companies are using media outlets for free.

Similar laws will soon be enacted in the UK and Canada. Which tells Facebook and Google to have a lot of fun for free. Now prepare to give others a fair share of the profits.

Bottom Line

In the last 10 years, thousands of journalism jobs have been lost in Australia. And dozens of media outlets have closed as advertising has moved to digital.

According to the Australian Competition Authority, today for every $100 of advertising. In which $49 goes to Google and $24 to Facebook. Meaning that a total of 73% of advertising goes into the pockets of these two companies.

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