Facebook and Google are required to share advertising revenue with Australian media

[iDJ]

Facebook and Google will be forced to share advertising revenue with Australian media companies after the treasurer, Josh Frydenberg, instructed the competition watchdog to develop a mandatory code of conduct for the digital giants amid a steep decline in advertising brought on by the coronavirus pandemic.

In its response to the landmark digital platforms inquiry in December, the federal government asked the Australian Competition and Consumer Commission to develop a code between media companies and digital platforms including Google and Facebook.

Facebook and Google to be forced to share advertising revenue with Australian media companies