Seven West Media Ltd., one of Australia’s leading integrated media companies, has recently signed multi-year content agreements with Facebook and Google that follow stringent media laws that allow the industry to secure new revenue streams and better adapt to the internet age.
This new development means that Google and Facebook will now pay two of Australia’s three largest traditional news portals for content.
While the terms of the deal were not announced, Seven West Media Ltd revealed that it would provide content for Google parent Alphabet Inc’s News Showcase platform for five years and also provide content for a similar Facebook product for three years.
In a released statement, Seven West Media Ltd CEO James Warburton referred to the law that allows the government to intervene if domestic media companies cannot reach an agreement with a major internet provider, while at the same time setting out his view of the new agreement.
He reveals: “These partnerships have been made possible by the introduction of the Media Bargaining Code. They underpin our sustainability and enable us to continue to build our digital platform.”
For more information, read the original story in Reuters.