this post was submitted on 13 Mar 2024
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This is the best summary I could come up with:
It was a hot-and-cold affair that defined over a decade of online publishing and the work experience of a generation of reporters, and has ultimately left the industry a shadow of its former self.
Although it may be tempting for lots of reasons, the Australian government should avoid putting the boot into Meta by enforcing the News Media Bargaining Code as it's threatened to do.
Digital-only media outfits such as BuzzFeed and Vice rode a wave of growth, generating huge numbers of clicks that translated into ad revenue.
"Facebook encouraged news providers onto the platform in the ways it promoted content," Dan Angus, a professor of digital communications at QUT, said.
Instead of breaking up that monopoly, or closing tax loopholes, the Code effectively takes money from a profitable industry (big tech) and distributes it to an unprofitable one (news).
The News Media Bargaining Code is trying to restore a model for financing journalism that has gone the way of the fax machine, the fountain pen, and the pocket address book.
The original article contains 1,402 words, the summary contains 171 words. Saved 88%. I'm a bot and I'm open source!