The production of news and journalism cannot be left entirely to market forces, and regulation is needed to curb the power of Facebook and Google, the competition regulator says.
The ACCC chairman, Rod Sims, said the digital platforms inquiry, which delivered its preliminary report in December, reveals that the market power enjoyed by the digital behemoths is weakening Australian media.
More than a quarter of traditional newspaper journalism jobs have disappeared, print advertising revenue has dried up, and for every $100 spent on online advertising, $47 goes to Google and $21 goes to Facebook.
In the past three years, Google and Facebook are estimated to have captured 80% of the growth in digital advertising...read more
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