Big Tech getting too big? Australia’s new law aims to rein them in
Australia has passed a new law that will force Google and Facebook to pay news publishers for the content they use. The law, which is the first of its kind in the world, is designed to address concerns about the power of Big Tech companies and the impact they are having on the media industry.
The law, called the News Media Bargaining Code, requires Google and Facebook to negotiate deals with news publishers for the use of their content. If the companies cannot reach an agreement, the Australian Competition and Consumer Commission (ACCC) will step in and set a price.
The law has been welcomed by news publishers, who have been struggling to compete with the tech giants. They argue that the companies are using their market power to extract unfair terms from publishers, which is leading to job losses and the closure of news outlets.
Google and Facebook have criticized the law, arguing that it is unfair and will stifle innovation. They say that the law will force them to pay for content that is already freely available online.
The law is expected to come into effect in July 2023. It is unclear how the companies will respond to the law, but it is likely to be a major test of their power and influence.
The law is just one of a number of measures that governments around the world are taking to rein in Big Tech. In the United States, the Department of Justice is investigating Google for antitrust violations. The European Union has also taken a number of actions against Google, including fining the company billions of dollars for anti-competitive practices.
The growing scrutiny of Big Tech is a sign that governments are concerned about the power of these companies and the impact they are having on the economy and society. It remains to be seen whether the new laws will be effective in curbing the power of Big Tech, but they are a step in the right direction.
