Here’s the latest news from the technology industry, which is coming under increasing global scrutiny from governments worldwide.
Australia Passes Law Making Digital Platforms Pay For News Content
The Australian Parliament ratified a “News Media and Digital Platforms Mandatory Bargaining Code” regarding the “bargaining power imbalance between news media businesses and digital platforms,” according to a joint press release from Treasurer Josh Frydenberg and Minister for Communications, Urban Infrastructure, Cities and the Arts Paul Fletcher.
“The Code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public interest journalism in Australia,” according to the release, which noted that the law was created following an in-depth study from the Australian Competition and Consumer Commission (ACCC).
India Reveals New Rules To Govern Digital Platforms
India’s government revealed broad new regulations to govern social media sites, online news providers and streaming platforms, rfi reported. IT Minister Ravi Shankar Prasad said at a press conference, as per the outlet, that social media firms “are welcome to do business in India but would have to follow the laws set in India.”
India’s new rules would mandate that tech platforms have greater accountability for controversial content shared on their sites and require them to appoint company leaders to work with the country’s authorities. Moreover, the regulations prescribe a three-level regulation system for over-the-top (OTT) services such as YouTube and Netflix.
US Scuttles ‘Safe Harbor’ Provision For International Tax Arrangement
Janet Yellen, the U.S. Treasury secretary, informed G-20 leaders that the U.S. has scuttled the Trump administration’s proposals to allow select firms to decide not to adhere to new international digital tax regulations, CNBC reported. “Secretary Yellen announced that we will engage robustly to address both Pillars of the OECD project and that the United States is no longer advocating for ‘safe harbor’ implementation of Pillar 1,” an unnamed U.S. Treasury representative said, as per CNBC.
House Subcommittee Holds Antitrust Hearing
The House Judiciary Subcommittee on Antitrust, Commercial, and Administrative Law conducted its inaugural hearing – of multiple planned hearings – to “consider legislative proposals to address the rise and abuse of market power online and to modernize the antitrust laws,” Marketwatch reported on Feb. 25. The hearings are meant to build on the committee’s probe, which involved both parties, on digital competition. “Mark my words: Change is coming. Laws are coming,” U.S. Rep. David Cicilline (D-RI) said in an opening statement, as per Marketwatch.
Reliance Works With Facebook, Google In Bid For Digital Payments License In India
India’s biggest firm by market value, Reliance Industries, is reportedly aiming to work with Google and Facebook Inc. to obtain a digital payments license from the Reserve Bank of India. The move would also include Infibeam Avenues Ltd., a homegrown technology service company.
Twitter Looks To Introduce Subscription Offering
Twitter Inc. plans to introduce a subscription offering for content creators, as it looks to increase its yearly revenue by two times and accelerate user growth over the few years to come. The Super Follows subscription program will let users get paid for content. Ads composed 86 percent of the firm’s 2020 revenue, but by moving to subscriptions, the social media company could rely less on advertising.
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