Streaming Platform
Australia is set to introduce laws mandating streaming platforms to invest a specified percentage of revenue in domestic content, as announced by official sources this week.
Platforms including Amazon Prime and other providers with over one million users must contribute a minimum of ten percent of their Australian expenditure or seven and a half percent of income toward Australian content.
Legislation is being presented to lawmakers in coming days covering arts and educational content.
Official representatives announced the move would help to safeguard acting employment in the industry. The platforms are yet to responded on the matter.
'Outstanding content'
"We have Australian content requirements for broadcast TV and pay television, but until now, there has been assurance of viewing our own stories on streaming services," a government representative commented.
"Since their introduction domestically, streaming services have produced numerous remarkable series. These requirements will ensure such productions – our stories – continue to be made."
As reported by sources, the law is scheduled for presentation to legislators this week.
The new content requirements were meant to be implemented in mid-2024 but concerns over how they would interact with international trade pacts with the US led to the plans being put on hold.
The government cited challenges engaging in discussions with the US during their an election.
Following the U.S. election, concerns emerged about whether the regulations could lead American officials to implement trade measures against Australia.
Currently, following resolution, amid improved relations between the countries, these regulations are now back for consideration.
Although professional associations welcomed the news, platforms have yet to issue statements regarding this development.
Previously, streaming platforms released documentation emphasizing their artistic and financial impact on the national creative economy.
However, it was seen by some as a pre-emptive strike against any attempt at future regulation.
Industry decline
Current local productions available online include multiple programs across different genres.
Similar to other nations, Australia's creative industries experienced challenges recently, in part due to the production slump throughout the health crisis.
In the financial year recently concluded, funding for feature films and TV series made in Australia fell by almost one-third, according to industry statistics.
