Google and Facebook will be forced to pay Australian media companies for their news content in a lifeline for the struggling industry.
The federal government has fast-tracked plans to introduce a mandatory code of conduct, including the payment of news content, for the global digital giants.
The move follows a collapse in advertising revenue due to the COVID-19 pandemic, which has led to many newsrooms closing or scaling back their operations.
Facebook and Google have a stranglehold over the digital advertising market and benefit greatly from the content of news publishers on their platforms, social media, search queries and digital video.
A total of $47.7 in every $100 of digital advertising goes to Google, $24 to Facebook and $29 split between all other parties, including mainstream media outlets.
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