Document Analysis NLP IA
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Summary (IA Generated)
Australia passed a new law on Thursday that will force tech companies to pay news outlets for their content, a law that, if copied around the world, could have a dramatic impact on Facebook and Google’s businesses.
The two tech giants had already been pushing back against Australia’s new law before it became official, with Facebook recently going as far as to block all Australians from sharing news on the platform.
Facebook, after about a week, reversed its decision on Monday, after Australian lawmakers offered a few concessions to the company and Google, including giving the tech giants more time to negotiate with news outlets before disagreements are sent to an arbitrator.
Australia’s new law also gave tech companies a bit more wiggle room, saying it “must take into account whether a digital platform has made a significant contribution to the sustainability of the Australian news industry through reaching commercial agreements” with news outlets.
“The code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia,” Australian Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a statement.
The new law will be reviewed a year from now by Australia’s treasury department.
earlier this month that’ll let it feature content from outlets like The Wall Street Journal, The New York Post and Financial Times.