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News Media Bargaining Code

The News Media Bargaining Code is a mandatory law enacted in 2021 that compels designated digital platforms, such as and (operator of and ), to negotiate in good faith with eligible Australian news businesses over payments for the display and linking to their journalistic content. The code addresses imbalances in arising from platforms' reliance on news content to drive user engagement and ad revenue, without compensating originators, which has contributed to financial pressures on outlets amid declining ad markets. Enacted following the Australian Competition and Consumer Commission's (ACCC) Digital Platforms , which highlighted risks to 's sustainability, the code permits and mandates or final offer mechanisms if voluntary agreements fail, with penalties up to 10% of a platform's Australian turnover for non-compliance. Designated platforms are those with significant Australian user bases—over one million for and , or substantial search market share for —while eligible news businesses must produce "core" or "distinctive" meeting criteria, excluding user-generated or automated content. Implementation faced intense opposition from platforms; Google threatened to withdraw search services, while Meta temporarily blocked all Australian news in February 2021, prompting legislative adjustments to phase in requirements and exempt low-value linking. These concessions led to commercial deals totaling approximately AU$200 million annually by 2023, primarily benefiting large publishers like News Corp and Nine Entertainment, though critics argue it entrenches incumbents rather than fostering diverse journalism and imposes costs that may reduce overall news visibility without addressing root causes of media decline. In 2024, Meta terminated its agreements, citing expired contracts and reduced news value, leading the government to propose a voluntary News Bargaining Incentive scheme with tax offsets to encourage ongoing payments.

Background

Economic Decline of Traditional News Media

Traditional news media in have faced a protracted since the mid-, primarily due to the migration of expenditure to platforms and a corresponding collapse in . revenues declined by 37% from AU$3.90 billion in 2014 to AU$2.46 billion in 2020, with further erosion projected amid stagnant monetization. This downturn was exacerbated by the loss of , which accounted for a AU$1.4 billion drop in revenues between 2002 and 2018, as online alternatives like search engines and marketplaces supplanted classifieds that once generated AU$1.5 billion annually. revenues, adjusted for , fell to AU$2.1 billion by 2016 from higher levels in the , driven by advertisers prioritizing targeted formats over mass-market . Although digital revenues for newspapers rose steadily from 2005 onward, this growth failed to compensate for losses, as platforms captured the bulk of the expanding online ad market—reaching over AU$10 billion total by 2019—while aggregating content without direct payments to publishers. Sector-wide revenues dropped 11% in 2023, marking the steepest annual decline on record, with ongoing cost pressures and reduced government ad spending compounding the shift. Circulation metrics reflect this erosion: newspaper readership halved between 2016 and 2021, with 80% of Australians reporting no news consumption in the prior week by mid-2021. The financial strain has led to widespread outlet closures and . Between 2008-09 and 2017-18, titles declined by 15%, equating to 106 closures, a trend accelerating to 161 news outlet shutdowns from January 2019 to March 2024. Major publishers like reported a 5% drop in advertising revenue in fiscal 2025, underscoring persistent vulnerabilities despite diversification attempts into subscriptions and digital paywalls. These dynamics highlight a structural imbalance where digital intermediaries profited from traffic-driven ad models, leaving unable to sustain journalistic operations at scale without regulatory intervention.

Role of Digital Platforms in News Aggregation

Digital platforms, particularly and (formerly ), facilitate news aggregation by indexing, curating, and distributing content from publishers through search engines, dedicated news services, and algorithmic feeds. 's search engine and compile headlines, snippets, and links from news articles, often featuring them prominently in "Top Stories" carousels that appear in 8-14% of search results. Similarly, 's platforms prioritize news posts in users' feeds based on engagement algorithms, enabling rapid dissemination to vast audiences. In , this aggregation has become a primary pathway for news consumption, with 33% of the population accessing news via and 25% using search engines to reach news brands, according to the 2019 Digital News Report cited in the ACCC's findings. These platforms exert significant market power in news distribution and , with controlling 95% of general search queries and 96% of revenue in , while commands 51% of the online display market including . This dominance arises from effects, data advantages, and lack of viable alternatives, positioning platforms as indispensable referral sources for publishers. content enhances platform stickiness by driving user engagement, which platforms monetize through , yet publishers receive no direct payment for the content displayed or linked. The ACCC's Digital Platforms Inquiry concluded that this dynamic creates a substantial imbalance, as news businesses struggle to negotiate revenue shares despite relying on platform referrals for traffic. Empirical data underscores the economic pressures on publishers from platform aggregation. Referral traffic from and constitutes a major portion of visits to news sites—though direct traffic accounts for 43% of landings, per ACCC preliminary —yet this has not offset broader revenue declines. Print media plummeted from AU$3.7 billion in 2001 (inflation-adjusted) to AU$225 million by 2016, coinciding with platforms capturing the bulk of digital ad growth from 2014 to 2018. employment reflected this strain, with print media journalists dropping 20% between 2014 and 2018 and overall roles declining 9% from 2006 to 2016; additionally, 106 local and regional newspapers closed between 2008 and 2018, eroding coverage in 21 areas. While platforms assert a two-way —providing free distribution that boosts publisher visibility—the ACCC found that publishers' limited alternatives amplify platforms' , hindering sustainable in public-interest .

Legislative Development

ACCC Digital Platforms Inquiry

In December 2017, the Australian Treasurer directed the Australian Competition and Consumer Commission (ACCC) to undertake the Digital Platforms Inquiry, examining the impact of online search engines, platforms, and digital content aggregators on in and markets, with a particular focus on businesses. The inquiry's required the ACCC to assess how these platforms affected the supply of and , including dynamics between platforms and publishers. An issues paper was released in February 2018 to solicit public submissions, followed by a preliminary report in December 2018 that highlighted preliminary concerns over platforms' . The final report, published on 26 July 2019, detailed the ACCC's findings after analyzing extensive submissions, data, and economic evidence. It concluded that Google held a dominant position in online search with approximately 94% market share in Australia and controlled over 60% of digital advertising expenditure through its search and display ad networks. Facebook, meanwhile, commanded about 16.5 million daily active users in Australia and captured around 20% of digital ad revenue, exerting significant influence over news distribution via its news feed algorithm. These platforms benefited from news content by linking to or aggregating articles, which drove user engagement and ad sales, yet they compensated publishers minimally or not at all, contributing to a structural decline in traditional news media revenues—Australian news publishers' ad income fell by over 50% from 2011 to 2018 amid a shift to digital platforms. The ACCC emphasized that this created a "bargaining power imbalance," as platforms could alter algorithms or traffic policies unilaterally, while individual publishers lacked leverage to negotiate fair terms due to the platforms' gatekeeper role in audience reach. The report identified causal factors rooted in platforms' data advantages and network effects, which entrenched their positions and deterred entry by competitors, ultimately harming incentives for quality journalism production. It rejected voluntary solutions, noting failed prior attempts at commercial agreements, and recommended government intervention via a mandatory News Media Bargaining Code. This code would designate major platforms (initially and ) and eligible news businesses, requiring good-faith negotiations over remuneration for content, with binding —including a "final offer" mechanism where an arbitrator selects one party's proposal in full—if deals could not be reached within specified timelines. Penalties for non-compliance were proposed at up to 10% of turnover to enforce participation. These recommendations directly informed subsequent legislative efforts, positioning the inquiry as the foundational analysis for addressing platform-publisher imbalances without broader antitrust breakup, prioritizing targeted bargaining reforms over general changes.

Initial Drafting and Proposals (2019-2020)

In December 2019, following its Digital Platforms Inquiry, the Australian Government directed the Australian Competition and Consumer Commission (ACCC) to oversee the development of voluntary codes of conduct aimed at balancing between digital platforms such as and and Australian news media businesses. These voluntary efforts sought to facilitate agreements on remuneration for news content without legislative mandates, but progress stalled as platforms and publishers failed to reach mutually acceptable terms by early 2020. On 20 April 2020, citing insufficient voluntary outcomes, the Government instructed the ACCC to draft a mandatory News Media Bargaining Code to enforce fair negotiations. This shift reflected concerns over platforms' dominant market positions, which the ACCC estimated derived significant revenue—approximately AU$5 billion annually in —from news-related traffic without commensurate payments to originators. The ACCC released a concepts paper on 19 May 2020, proposing core obligations for designated platforms, including good-faith bargaining over payments tied to content value, advance notification of algorithmic changes impacting news prioritization, and transparency on revenue attribution from news links. The paper emphasized mechanisms to resolve impasses, arguing that self-regulation had proven inadequate given platforms' leverage in controlling content distribution. Public submissions were invited until 12 June 2020 to inform refinements, with the ACCC highlighting from its prior showing news media's declining ad revenues—down 15-20% annually—partly attributable to platform aggregation. Building on , the ACCC published a draft mandatory code on 31 July 2020, designating and as initial targets and mandating collective or individual bargaining within three months, with binding final-offer enforceable by penalties up to 10% of turnover for non-compliance. The draft incorporated proposals for within six months and required platforms to share data on news content's economic contributions, aiming to rectify what the ACCC quantified as a AU$200-600 million annual value transfer from publishers to platforms. Submissions closed on 28 August 2020, amid platform criticisms that the code overlooked mutual value exchanges, such as traffic referrals benefiting publishers.

Platform Resistance and Negotiations

Digital platforms, particularly and (formerly ), mounted significant opposition to the proposed News Media Bargaining Code during its drafting in 2019-2020, arguing that mandatory payments for news links would disrupt their free-linking business models and harm users by potentially breaking core functionalities like search and social feeds. emphasized that news content drives only a small fraction of its revenue and warned of unintended consequences for the open internet, while contended that its platform amplified publishers' reach without compensation being necessary. These positions reflected platforms' preference for voluntary commercial agreements over government-mandated arbitration, as evidenced by limited pre-code deals struck under ACCC oversight. Resistance escalated in early 2021 as the code neared enactment. On January 21, 2021, threatened to remove its entirely from , citing "financial and operational risks" from the code's requirements to negotiate or face based on algorithmic value assessments it deemed unfeasible. Australian Treasurer rejected the threat as unacceptable, stating the government would not yield to ultimatums, prompting intensified lobbying and public backlash against 's market dominance, which holds nearly 90% of search traffic. followed with a more immediate action on February 17, 2021, announcing and implementing a nationwide ban on news sharing and viewing in , affecting both domestic and international content, which inadvertently blocked some government and health pages alongside news outlets. Negotiations resolved the standoff through code amendments announced on February 23, 2021, including a three-year exemption from payments for simple news links and prioritization of voluntary deals before mandatory . Meta reversed its ban the same day, committing to honor existing publisher agreements and negotiate new ones, while abandoned its exit threat and pursued commercial pacts, leading to over 30 voluntary deals by mid-2021 that bypassed formal for many parties. These outcomes highlighted platforms' leverage through operational disruptions but also the Australian government's resolve, resulting in a phased implementation that preserved platform incentives while securing payments estimated at AU$200 million annually from platforms to publishers.

Core Provisions

Designated Platforms and Publishers

The News Media Bargaining Code, enacted as Schedule 8 to the Competition and Consumer Act 2010, empowers the to designate providers of services that must comply with its obligations. Designation occurs under section 52E if the service qualifies as a "core service"—defined as a service or service with at least one million end-users—and the provider holds substantial that risks undermining in . The must consider factors such as the service's economic impact and the imbalance in negotiating leverage with news businesses before designating. To date, no formal designations have been made, as (via its ) and (via and feeds) entered voluntary commercial agreements with news publishers following the code's passage in March 2021, thereby preempting enforcement. Designated platforms face mandatory requirements to negotiate in , provide data transparency on news referrals, and prioritize in algorithms where applicable, with available if agreements fail after . These obligations aim to address the platforms' dominant role in distribution, where they monetize through advertising without direct compensation to originators, though critics argue such designations distort market incentives rather than fostering genuine value exchange. On the publisher side, the Communications and Media Authority (ACMA) registers "news business corporations" as eligible to bargain under the code if they satisfy , , professional standards, and audience criteria. A minimum annual of AU$150,000 from "ordinary activities"—such as producing and —is required, ensuring only viable operations participate. Eligible businesses must generate "core ," comprising like original reporting or analysis on current events, published regularly (e.g., daily or weekly) and directed primarily at audiences. News sources must also pass a professional standards test, adhering to an enforceable code of ethics or journalistic standards, such as the Media, Entertainment and Arts Alliance Code of Ethics, and demonstrate curation by qualified journalists. Registered entities, including major outlets like , , and the Australian Broadcasting Corporation, must notify ACMA promptly of any eligibility lapses, such as revenue shortfalls, under penalty of civil fines up to AU$222,000. As of 2023, agreements under the code have disproportionately benefited larger publishers meeting these thresholds, with smaller regional outlets often excluded due to revenue barriers.

Mandatory Bargaining and Arbitration

The News Media and Digital Platforms Mandatory Bargaining Code requires designated digital platforms to engage in good faith bargaining with registered news businesses upon receipt of a valid bargaining notice from the latter. This process addresses perceived imbalances in negotiating power, compelling platforms to negotiate terms for remuneration related to the use of news content, including payments, non-monetary benefits, and display conditions. Bargaining must commence promptly—typically within 13 business days of the notice—and continue for a minimum period unless agreement is reached earlier, with an overall negotiation window of up to three months. Failure to bargain in good faith, defined as avoiding deliberate delays or unreasonable demands, can result in penalties of up to 10 penalty units per day for platforms or news businesses. If commercial agreement proves elusive after the initial bargaining phase, the code mandates escalation to , followed by if necessary. The arbitration mechanism employs a "final offer" or baseball-style process, where both parties submit sealed final offers to an independent arbitrator—selected from a approved by the and Consumer Commission (ACCC)—who must choose one offer in its entirety without modification or averaging. The arbitrator evaluates offers based on criteria such as the amount of content used, its journalistic quality, and the platform's overall benefits derived, aiming to ensure reflects the news content's value to the platform's service. This binding determination applies retrospectively from the start of the bargaining period, with appeals limited to errors of law. The framework incentivizes pre-arbitration settlements, as evidenced by minimal use of formal since the code's enactment on 29 March 2021, with most deals—such as Google's agreements with and others—reached through direct negotiation to avoid the uncertainty of final offer selection. Critics, including tech industry analyses, argue the process favors publishers by leveraging platforms' aversion to unpredictable outcomes, potentially inflating payments beyond market rates determined by voluntary exchange. Nonetheless, the mechanism has facilitated over AU$200 million in annual payments from platforms to news outlets by 2022, primarily through commercial pacts rather than .

Final Offer Mechanism and Penalties

The final offer mechanism serves as under the and Digital Platforms Mandatory Bargaining Code when commercial negotiations and subsequent fail to yield an on for . After a mandatory three-month negotiation period followed by up to two months of , either party may initiate by notifying the Competition and Consumer Commission (ACCC). In this , known as "final offer" or "baseball" , the digital platform service and the each submit a sealed final offer outlining proposed terms, including amounts and conditions. The appointed arbitrator—selected from a approved by the ACMA and ACCC—must then choose one party's offer in its entirety without modification, , or averaging, aiming to incentivize realistic proposals by eliminating the prospect of partial awards. The arbitrator considers factors such as the value generated by the for the platform's users, the volume and type of , and the platform's overall from users, though critics argue this framework may undervalue platform investments in distribution and algorithms. This mechanism has remained largely unused since the code's enactment in March 2021, as major platforms like and secured voluntary commercial deals with publishers prior to ACCC designation, avoiding arbitration activation. Proponents, including news industry groups, contend that the threat of final offer compelled these agreements by shifting leverage toward publishers, while platforms have criticized it as coercive and prone to favoring inflated publisher demands due to the all-or-nothing . Non-compliance with code obligations, including failure to bargain in good faith, adhere to mediation or arbitration processes, or implement awarded terms, triggers civil penalties enforced by the ACCC under the Competition and Consumer Act 2010. For designated digital platform services, penalties can reach up to 10% of the corporation's annual turnover in (adjusted for related entities), or the greater of AUD 50 million, three times the benefit derived from the contravention, or 30% of turnover attributable to the contravention, whichever is highest. Individual officers may face fines up to AUD 2.5 million for aiding or abetting breaches. These deterrents underscore the code's mandatory nature, though no major penalties have been imposed to date due to preemptive settlements. In 2024, the government proposed reforms introducing a "news media bargaining incentive" levy on platforms refusing to negotiate or renew deals, potentially escalating financial consequences for non-engagement while exempting platforms that entirely remove news content.

Implementation

Early Agreements with Google

In February 2021, as the Australian government finalized the News Media Bargaining Code, Google preemptively negotiated commercial agreements with several major news publishers to feature their content in Google News Showcase, a curation product launched in Australia on February 4 that offered payments for premium news placement rather than per-link compensation. These initial deals covered approximately 25 mastheads, including outlets such as the Canberra Times, Illawarra Mercury, Saturday Paper, and Crikey, marking Google's first structured payments to Australian journalism amid regulatory pressure. On February 15, became the first large Australian broadcaster to secure a multi-year licensing agreement with , valued in the multimillions annually, encompassing news from its and West Australian Newspapers for inclusion in search results and News Showcase. The pact, running for five years, emphasized the "value, credibility, and trust" of Seven's brands while avoiding mandatory under the impending code. Two days later, on February 17, Google finalized deals with and . Nine's five-year agreement reportedly exceeded AU$30 million per year for content from its mastheads, including and , integrated into 's products to sustain journalism without altering core search mechanics. 's arrangement formed part of a broader three-year global partnership, providing "significant payments" for showcasing outlets like and in News Showcase, though exact Australian-specific figures remained undisclosed. These early pacts, totaling tens of millions annually across partners, effectively sidestepped the code's final-offer mechanism by resolving disputes voluntarily before its March 2, 2021, enforcement, though critics noted they favored larger publishers and bypassed smaller outlets initially. Subsequent monitoring by the Australian Competition and Consumer Commission confirmed compliance, with designating under the code by March 2021.

Facebook's News Blockade and Resolution

In response to the Australian government's advancement of the , which would have mandated negotiations or payments from digital platforms to news publishers, announced on February 17, 2021, that it would prevent Australian users from sharing or viewing both Australian and international news content on its platform starting the following day. The blockade, effective from the early hours of February 18, 2021, extended beyond news outlets to affect pages from government agencies, health organizations, and emergency services, including those providing updates, drawing widespread criticism for disrupting public information access. justified the action as a necessary of the code's flawed premise that platforms should pay for links to content that primarily benefit publishers through traffic referrals, arguing it would end up reducing news availability rather than sustaining it. The blockade lasted approximately one week, amplifying global attention to the dispute as it inadvertently blocked access to non-Australian news sources like the and for Australian users, while also removing Australian news pages entirely. This move highlighted platforms' leverage in content distribution but also exposed vulnerabilities, as traffic to Australian news sites dropped sharply and public backlash mounted over the collateral effects on . Australian Treasurer and other officials engaged in urgent talks with executives, emphasizing the code's intent to address bargaining imbalances identified in prior inquiries without retroactively applying designations. Resolution came on February 23, 2021, when the Australian government agreed to amend the code to exempt from immediate designation as a platform requiring mandatory bargaining for an initial 12-month period, allowing time for voluntary commercial deals. In turn, committed to restoring news content within days and pursuing private agreements with publishers, averting the full enforcement of mechanisms against it. The code was passed by the on February 25, 2021, with these modifications ensuring avoided the final-offer process during the window. Following the reversal, Facebook negotiated voluntary contracts with select Australian news organizations, committing to payments totaling over $70 million annually for three years to outlets including and , though these deals emphasized content licensing rather than link-based compensation. This outcome preserved news sharing on the platform while sidestepping the code's compulsory elements for Facebook initially, though it underscored the code's reliance on platform incentives for compliance rather than universal mandates.

Ongoing Compliance Monitoring

The Australian Competition and Consumer Commission (ACCC) holds primary responsibility for monitoring compliance with the News Media Bargaining Code, as stipulated in section 52ZZW of the enabling , which empowers the agency to oversee adherence by designated digital platforms. This includes the authority to compel designated platforms to provide information or documents relevant to Code obligations under section 52ZZX, facilitating investigations into potential breaches such as failures in good-faith bargaining or final offer mechanisms. Enforcement actions may involve applications for civil penalties reaching up to AUD 10 million per contravention or injunctions to prevent ongoing non-compliance, per sections 52ZZZA and 52ZZZB. As of October 2025, no platforms have been formally designated by the , rendering direct mandatory compliance limited; instead, oversight relies on the implicit threat of designation to encourage voluntary commercial agreements between platforms like and and Australian news businesses, with over 30 such deals secured by late 2022. The ACCC supports this framework by authorizing arrangements for news publishers, such as those granted to Country Press Australia on 5 August 2021 and Commercial Radio Australia on 29 October 2021, which streamline negotiations and enable the agency to track agreement outcomes indirectly. A statutory review of the , completed on 1 December 2022, recommended enhancing ongoing monitoring by directing the ACCC to produce periodic reports assessing whether additional platforms warrant designation based on their and impact on sustainability. The Australian Government accepted this and all other review recommendations on 17 December 2023, committing to implement periodic ACCC reporting to evaluate Code extension needs, alongside bolstering the agency's information-gathering powers in tandem with broader digital platforms reforms. A further comprehensive review is slated after four years of Code operation, anticipated around 2025, to assess overall efficacy and compliance dynamics. These mechanisms underscore a regulatory approach prioritizing deterrence over frequent , given the absence of designations; however, the ACCC's statutory tools ensure readiness for escalated if voluntary falters, with penalties calibrated to platform scale via adjusted annual turnover calculations. No public ACCC reports specific to the Code had been issued as of the 2022 review, reflecting the reliance on self-reported agreements, though future periodic directives aim to introduce more proactive data-driven scrutiny.

Reception

Endorsements from News Publishers

Major Australian news publishers, including and , have endorsed the News Media Bargaining Code for compelling digital platforms to enter remunerative agreements, thereby providing a vital revenue stream amid declining traditional advertising. News Corp Australia executive chairman Michael Miller stated in June 2024 that should be designated under the code and required to negotiate in , emphasizing the need for platforms to compensate publishers for content that drives their value. Similarly, in May 2025, and Nine jointly urged the Australian government to enforce the code more stringently against , arguing it ensures ongoing payments essential for sustainability. These endorsements highlight the code's role in securing deals covering over 90% of Australian journalists, with alone estimated to pay around AU$70 million annually to as part of broader arrangements totaling nearly AU$250 million yearly across publishers. , which signed multi-year content deals with and in 2021 under the code's framework, has credited the legislation with enabling commercial terms that would not have materialized through voluntary negotiations. Publishers argue the code addresses platforms' free-riding on news content, which generates significant traffic and ad revenue for and without fair compensation to originators. Support from these entities stems from the code's mandatory and provisions, which shifted power dynamics after years of unsuccessful voluntary talks, leading to enforceable contracts that bolster operational stability for large groups. However, endorsements are primarily from dominant players like , Nine, and , which secured the bulk of payments, while smaller outlets have reported limited direct benefits despite the code's intent to promote .

Criticisms from Tech Companies

Tech companies designated under the News Media Bargaining Code, primarily and (formerly ), have argued that the legislation fundamentally misrepresents the symbiotic relationship between platforms and news publishers by compelling payments without acknowledging the traffic and audience reach provided by search engines and social feeds. In a January 2020 , stated that the code would "give publishers the power to charge us for linking to their content," potentially harming Australian users' access to information and innovation on the open web, as platforms already drive substantial referral traffic—estimated at billions of annual visits—to publisher sites without compensation. Meta echoed these concerns in its August 2020 response to the proposed code, asserting that it "ignores the substantial value provides to news publishers" through free distribution to vast audiences, while imposing "one-sided " that forces platforms to pay above-market rates for content comprising only a minor fraction of user feeds (around 3% for ). The company criticized the code's overreach in extending obligations to non-news-focused services like and Groups, granting publishers undue influence over product decisions and access to proprietary data, which could stifle platform innovation. These criticisms manifested in aggressive initial responses: threatened to withdraw its search services from in early 2021 if the code passed without amendments, while implemented a nationwide on February 17, 2021, affecting links to Australian news across its platforms until exemptions were negotiated. In a submission to the code's review, further contended that loose eligibility criteria for "registered news businesses" enable opportunistic registrations by entities producing minimal original , distorting competition and diverting funds from core public-interest reporting to syndicated or rewritten content. By 2025, amid non-renewals of voluntary deals—such as 's phase-out of news payments citing unsustainable and 's early termination of agreements with smaller outlets—tech firms escalated advocacy. In March 2025, , , Apple, , and X (formerly ) jointly petitioned the U.S. to challenge Australia's media regulations, including the Bargaining Code, as "coercive and discriminatory" practices warranting trade countermeasures, arguing they unfairly penalize global platforms for facilitating content discovery.

Skepticism from Economists and Free Market Advocates

Economists and advocates have criticized the News Media Bargaining Code as a form of government-mandated wealth transfer that undermines voluntary market negotiations and distorts competitive incentives. Professors Sinclair Davidson and Chris Berg of RMIT University argue that the sector's revenue declines stem from its own failure to adapt to digital consumer preferences, rather than any inherent bargaining imbalance with platforms, and that interventions like the Code merely subsidize legacy media giants such as at the expense of broader . They emphasize that digital platforms historically deliver referral traffic generating far greater value for publishers—through increased ad revenue and audience reach—than the marginal content snippets displayed, rendering claims of "free riding" economically unfounded. The Code's mechanisms, including mandatory and final-offer binding decisions, are seen as altering bargaining equilibria by imposing asymmetric outside options that favor entrenched publishers, potentially deterring platform innovation and investment in . Critics contend this risks higher operational costs for platforms, which could be passed to consumers via reduced services or ad price hikes, as platforms must disclose proprietary algorithms to negotiate—exposing without reciprocal benefits. Empirical outcomes reinforce this view: Meta's termination of news deals in , citing minimal user engagement with (less than 1% of feeds), demonstrated the Code's inability to create sustainable value exchange, instead prompting platforms to substitute away from entirely and highlighting coerced payments' inefficiency. Free market proponents further argue that the Code entrenches among a handful of large publishers—primarily and , which secured over 90% of initial deals—stifling smaller or independent outlets and reducing overall media diversity. This selective favoritism, they assert, contradicts principles of open , as evidenced by the Code's designation criteria excluding most non-traditional creators despite platforms' role in democratizing content distribution. Long-term, such regulations may accelerate platforms' de-emphasis of , as seen in Meta's global pivot, ultimately harming the very ecosystem the Code purported to sustain without addressing publishers' underlying issues.

Impacts

Financial Payments and Revenue Distribution

Under the News Media Bargaining Code, enacted in March 2021, Google and Meta entered into commercial agreements with Australian news publishers, resulting in annual payments totaling approximately AU$200-250 million to news media businesses. These funds stemmed from negotiated deals to avoid mandatory arbitration under the code, with Google committing to payments equivalent to about 6% of its Australian news-related revenue and Meta agreeing to similar revenue-share models initially. Revenue distribution occurs through individual or agreements rather than a centralized mechanism, disproportionately benefiting large publishers with significant bargaining power and content volume. For instance, has paid an estimated AU$70 million annually to , while has received around AU$50 million from its deals with platforms. The Australian Broadcasting Corporation (ABC), a public entity, also secured payments as part of these arrangements, contributing to the overall flow but representing a smaller negotiated share compared to private conglomerates. Smaller publishers and startups receive minimal portions, often limited by the code's AU$150,000 annual revenue eligibility threshold, which excludes micro-operations and funnels most funds to established entities like and Nine. By mid-2025, some agreements faced reductions or non-renewals, with declining to extend deals post-2024 expiration and negotiating cut-price renewals with certain outlets, potentially diminishing total inflows. Former executives of major recipients, such as Nine, have noted that much of the supported returns or rather than direct investments, though publishers maintain it bolsters operational sustainability.

Effects on News Content and Employment

The News Media Bargaining Code has been associated with increased employment in , primarily through enhanced financial inflows to qualifying publishers. Following its implementation in March 2021, job advertisements for journalists on , 's largest online job market, rose by 46% compared to the pre-pandemic average, serving as a proxy for hiring activity amid revenue stabilization from platform deals. Specific examples include the Australian Broadcasting Corporation creating 57 new positions across 43 regional locations and hiring 40 additional news journalists, funded in part by over AU$200 million in total remuneration from approximately 30 commercial agreements with platforms like and . These gains, however, rely on indirect metrics like job postings, as comprehensive employment data from all major publishers remains unavailable, and sustained impacts may depend on ongoing payments. Regarding news content, the code facilitated investments in production and regional coverage rather than fundamental shifts in quality or output volume. Publishers redirected funds toward digital expansions, such as audio journalism and podcasts at outlets like , and grants for Country Press Australia members to bolster online capabilities. The Australian Broadcasting Corporation established five mini-bureaux in underserved rural areas, enhancing local reporting that had previously declined due to ad revenue losses. However, content adaptations sometimes aligned with platform incentives, including participation in initiatives like the Initiative, potentially prioritizing algorithm-friendly formats over independent journalistic priorities. Critics note limited evidence of improved content quality or diversity, with benefits skewed toward larger legacy media conglomerates such as and , which secured the bulk of deals. Smaller outlets, including digital natives like , often lacked designation under the code or faced platform selectivity, restricting broader diversity gains and potentially entrenching market concentration. While the code addressed short-term financial pressures, enabling some acceleration of planned journalism investments, no peer-reviewed studies conclusively link it to measurable enhancements in reporting depth or viewpoint pluralism, amid ongoing structural challenges in the sector.

Market Distortions and Long-Term Viability

The News Media Bargaining Code introduces market distortions by compelling digital platforms to compensate news publishers through mandatory negotiations or arbitration, irrespective of the demonstrated value that news content provides to platform users or revenue generation. This mechanism effectively transfers funds—estimated at over A$200 million annually in initial deals—from and to designated Australian news businesses, creating a subsidized revenue stream that bypasses traditional market signals of . Economists have criticized this as an intervention that disrupts efficient , akin to a sector-specific on platforms that favors legacy incumbents without addressing underlying inefficiencies in news , such as declining audience engagement and ad revenue losses due to fragmented digital markets. In terms of , the code erects barriers for smaller or emerging publishers, as outcomes tend to prioritize larger entities with greater leverage and compliance resources, potentially entrenching among a handful of outlets like and . Platforms respond by altering algorithms to minimize news visibility, as evidenced by Meta's post-2021 adjustments that reduced news referrals by up to 80% in some cases, thereby diminishing overall traffic to all news sites and undermining the code's intent to bolster the sector. This —where platforms "substitute away" from news content—illustrates causal distortions: coerced payments incentivize platforms to deprioritize news feeds, reducing incentives for publishers to innovate content quality or distribution strategies. Long-term viability remains precarious, as the code fosters dependency on platform subsidies rather than promoting adaptive models in , such as direct subscriptions or diversified revenue amid a global shift where digital platforms capture value through aggregation and user retention, not . Free-market advocates argue that without addressing news media's structural challenges—like over-reliance on outdated ad models and failure to compete with free alternatives—these transfers merely delay necessary or , potentially leading to higher consumer costs via platform fee increases or reduced . Empirical observations, including Meta's 2024 decision to let deals expire and to zero-news policies in , signal unsustainability, with total payments projected to halve without renewed incentives, highlighting the code's reliance on voluntary platform compliance over enduring market dynamics.

Controversies

Favoritism Toward Large Publishers

The News Media Bargaining Code has been criticized for structurally favoring large media conglomerates over smaller publishers through its eligibility requirements and negotiation dynamics. To qualify as a registered news business under the code, administered by the Australian Communications and Media Authority (ACMA), outlets must be Australian-based, employ professional journalists to produce original public interest journalism, and demonstrate at least 12 months of operation, with a revenue threshold of AU$150,000 annually effectively excluding micro-publishers and new entrants. This barrier limits access to the code's mandatory bargaining and arbitration mechanisms, which are designed to compel designated platforms like Google and Meta to negotiate payments, thereby concentrating benefits among established players with greater bargaining leverage. Major publishers, including , , and —which together control a substantial share of Australia's news market—have secured the majority of commercial deals under the code since its enactment in March 2021, receiving the bulk of the estimated AU$250 million in annual payments from platforms. These agreements often involve multi-year contracts worth tens or hundreds of millions, enabling large entities to fund operations and expand, while smaller and regional publishers report limited success in negotiations due to platforms' preference for high-volume partners. For example, while some small- to medium-sized outlets have obtained deals—such as one securing agreements with 24 such publishers—the scale remains disproportionate, with critics noting that the code reinforces media concentration rather than fostering diversity. Advocates for independent publishers, including groups like Publishers and Independent News Australia (PINA), argue that the code entrenches the dominance of a few conglomerates, which already hold oligopolistic control over national and regional news distribution, potentially stifling and in . Parliamentary inquiries have highlighted how smaller regional outlets are often sidelined from processes, as platforms prioritize deals with entities producing high-traffic content, further exacerbating disparities in revenue allocation. This favoritism is seen as counterproductive to the code's stated goal of supporting sustainable across diverse providers, with some analyses suggesting it primarily subsidizes legacy at the expense of emerging voices.

Algorithmic Undermining by Platforms

Platforms designated under Australia's , such as and , are required to provide news businesses with at least 28 days' advance notice of any algorithmic changes that materially alter the size, ranking, or prominence of Australian news content on their services. This provision aims to prevent sudden reductions in referral traffic that could weaken publishers' bargaining positions during negotiations for compensation. However, critics contend that platforms can circumvent the code's intent by implementing gradual or broadly applicable algorithmic shifts that diminish news visibility without triggering mandatory notifications, thereby reducing platforms' reliance on news content and the perceived value justifying payments. Meta's mid-2022 algorithmic adjustments exemplify this dynamic, deprioritizing in Facebook feeds globally in favor of user-preferred like short-form videos, resulting in a approximately 50% decline in news content visibility for 15 leading publishers over the following year, as measured by Meta's own CrowdTangle tool. In , this led to substantial traffic losses for publishers; for instance, the Australian Broadcasting Corporation reported a 48% drop in Facebook referrals and a 10% decline on , contributing to an overall reduction in Meta referrals from 5.1 billion in 2020 to 2.3 billion in 2023. Publishers responded by curtailing posts on the platform by about 10%, signaling a mutual , but the changes effectively halved the potential streams anticipated under codes by eroding the traffic-based value platforms derive from news. These shifts occurred independently of the code's status across countries, underscoring platforms' capacity to manipulate recommendation systems to undermine regulatory objectives without formal violations. Meta has disputed accusations of deliberate sabotage, attributing the deprioritization to data-driven responses to user engagement patterns rather than code-specific retaliation, and emphasizing that now constitutes only about 3% of feeds. Independent analyses and publisher testimonies, however, highlight inconsistencies, such as surveys indicating up to 45% of ns still rely on for discovery, suggesting the reductions strategically preceded 's later decisions to discontinue services like News in . In contrast, has maintained greater algorithmic stability toward post-code, renewing commercial agreements and expressing ongoing valuation of content, though both platforms retain broad in evolving algorithms that can prospectively diminish prominence. Such practices raise concerns about the code's long-term enforceability, as platforms' proprietary control over algorithms enables ongoing adjustments that erode the foundational traffic dependencies the code seeks to monetize.

Questions of Value Creation and Free Riding

Critics of the News Media Bargaining Code contend that claims of platforms free-riding on publishers' content overlook the bidirectional value exchange in the digital ecosystem. Platforms like and invest heavily in search algorithms, recommendation systems, and user interfaces that discover, index, and distribute news content to vast audiences, thereby generating referral traffic that publishers rely on for visibility and revenue. For instance, delivered approximately 3.44 billion visits to news publishers in 2018, with the company estimating the economic value of these referrals at over AU$200 million annually. Similarly, reported generating 2.3 billion organic referrals to news domains in early 2019. These referrals enable publishers to monetize through and subscriptions, suggesting that platforms subsidize rather than parasitize news production. Economists and legal scholars argue that the free-riding narrative underpinning the is largely a , serving as rhetorical justification for transfers from platforms to publishers amid broader market disruptions in digital advertising. Colangelo's analysis posits that publishers voluntarily participate in platform ecosystems, sharing to leverage the traffic and audience amplification provided, without evidence of uncompensated externalities that warrant regulatory intervention. constitutes a negligible fraction of platform activity—Google estimates it accounts for only about 1% of search queries in —while platforms bear the costs of infrastructure, data processing, and anti-fraud measures that benefit all content creators. In contrast, the Australian Competition and Consumer Commission (ACCC) has emphasized platforms' in directing traffic, estimating that derive substantial value from platform presence through increased ad and subscription revenues, though this view assumes asymmetric without fully quantifying platforms' enabling role. This debate raises causal questions about value creation: journalism's societal benefits, such as informing public discourse, are real but increasingly decoupled from commercial models disrupted by efficient digital intermediaries, not deliberate free-riding. Mandated payments under the , determined via on nebulous "value created," risk distorting incentives—platforms may reduce news prioritization to minimize exposure, while publishers could underinvest in quality if subsidized. from pre-Code eras shows referral traffic as a net positive for publisher revenues, challenging the premise that platforms owe compensation beyond market-driven deals. advocates warn that such interventions treat platforms as public utilities funding , inverting the dynamic where publishers have long free-ridden on open distribution without reciprocal platform payments.

Recent Developments

Meta's Deal Expirations and Reductions

On February 29, 2024, announced it would not renew its commercial agreements with news publishers, allowing the deals—primarily three-year contracts established in 2021—to expire throughout 2024. These agreements, negotiated to avert designation under the News Media Bargaining Code, involved annual payments upward of AU$70 million to outlets including , , and the Broadcasting Corporation (). The decision marked a complete cessation of 's financial contributions to after the expirations, reducing its support from tens of millions annually to zero. Meta cited the diminishing role of news content on its platforms as a key rationale, stating that news links now constitute only a small fraction of users' feeds and that consumers do not primarily visit or for such material. The company further argued that these payments represented an insignificant portion of its overall business expenses and failed to address underlying structural issues in the news sector, such as declining ad revenues and audience shifts. In tandem, deprecated the dedicated News tab in effective early April 2024, while permitting publishers to continue posting content voluntarily without compensation. As of October 2025, no new deals have been reported between and publishers, despite government proposals in late 2024 to impose financial incentives or taxes on non-compliant platforms. This outcome has amplified concerns over revenue losses for media firms, with entities like the noting the prior funds supported initiatives such as 60 regional positions. 's stance aligns with similar non-renewals in other jurisdictions, including and , underscoring a strategic pivot away from subsidized news partnerships globally.

Proposed News Bargaining Incentive (2025)

The News Bargaining Incentive is a proposed Australian regulatory measure announced by the on December 12, 2024, aimed at compelling large digital platforms to enter or renew commercial agreements with domestic news publishers by imposing financial charges on non-compliant entities. Modeled as an extension of the existing News Media Bargaining Code, the scheme targets platforms such as (Facebook), , and potentially , which generate significant Australian from news-related content referrals but have increasingly resisted payments following the expiration of voluntary deals, notably Meta's in 2024. The incentive operates as a designated revenue uplift mechanism, where platforms failing to negotiate deals face a tax-like charge equivalent to the value of payments they would otherwise make to news businesses, calculated based on Australian-sourced from news content. Under the proposal, the charge would apply to digital platform providers with annual Australian revenue exceeding a threshold—likely aligned with the Bargaining Code's AUD 100 million criterion—for income tax years commencing January 1, 2025, though final design details remain subject to consultation. Public consultation on the incentive's structure was slated to begin in early 2025, with subsequent legislation to implement it, potentially administered by the Australian Taxation Office in coordination with the Australian Competition and Consumer Commission (ACCC). Proponents, including Communications Minister Michelle Rowland, argue it addresses market imbalances where platforms profit from news aggregation without compensating creators, thereby sustaining journalism amid declining ad revenues for publishers; government estimates suggest prior Code deals generated over AUD 200 million annually in payments before Meta's opt-out. Critics, including tech industry groups like the and Industry Australia, contend the measure functions less as an incentive and more as a discriminatory digital services tax, retroactively penalizing platforms for refusing what they view as unviable payments for content with negligible direct traffic value—evidenced by Meta's global shift away from news prioritization post-2024. Independent analysis, such as from ACCC chair Allan Fels, highlights risks of entrenching favoritism toward legacy media giants while potentially distorting platform algorithms and , with no empirical guarantee of improved news quality or plurality. As of October 2025, the consultation paper—promised for early in the year—remains delayed, prompting media industry calls for expedited release to secure ongoing funding amid platforms' bargaining leverage. This delay underscores tensions between government interventionism and free-market dynamics, with platforms arguing that user-driven content discovery negates obligations to subsidize specific sectors.

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