One year after Australia’s news trading law: Money covers more jobs, but deals are murky and wealth not evenly distributed
For those of you in Canada and the UK, this is a glimpse of our future. The Australian Media Trading Code has allowed Australian news outlets to extract more than $200 million from tech giants over the past year. Some publishers use the money to fund up to 30% of their editorial salaries.
It may look like a success, but “it’s an arcane affair, with critical details guarded as if they were nuclear launch codes,” writes Bill Grueskin. If you want to know how much money has been given to various news organizations, or even verify that the money is going to journalism rather than executive salaries, you’re out of luck.
The money is not evenly distributed either. SBS, one of Australia’s two main public broadcasters, has been shut out by Facebook. A non-profit organization providing valuable information on Indigenous medical issues got nothing at all. “It’s like a brown paper bag is stuffed full of money, pushed across the table, and then the platforms can say, ‘Now shut the fuck up,'” one executive said.
It is bad legislation poorly executed. I am confident that we will see the benefits of this for many years to come.
Speaking of terrible politics, this news broke my heart. Reach apparently learned nothing from the past fifteen years and announced a program giving journalists minimum benchmarks of between 80,000 and 850,000 page views per month, depending on their title. Page views are a bad primary metric that local news organizations can rely on because they drive clickbait and non-local stories to drive traffic.
A comprehensive platform profile by Press Gazette. This explores the details (so far) of Twitter’s live audio feature and the publishers who have used it. We’d also be interested to hear your experiences, whether it’s joining Twitter Spaces or hosting one for your audience – just click “Reply” to this email to contact us.
Tortoise’s Katie Vanneck-Smith on podcasts, subscriptions and the company’s growing intelligence division
Katie is always excellent, and this interview is no exception. Of note is Tortoise’s growing Intelligence division, which is a more b2b-focused proposition than their “core” consumer product. This idea of vertical memberships is really cool and I can’t wait to see how it turns out for them.
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