Media boss takes aim at usual suspects
SEVEN West Media chair Kerry Stokes has taken aim at US tech giants Google and Facebook, saying they behave like a giant “vacuum cleaner”, sucking up advertising revenue and sending it offshore.
The media tycoon called on the Federal Government to adopt the recommendations made in a competition review into digital platforms which would subject foreign tech companies to the same rules as local broadcasters.
These included content quotas, advertising classifications and privacy laws.
The Australian Competition and Consumer Commission released the results of its digital platform inquiry this year.
“We urge the Federal Government to adopt all these recommendations, otherwise the digital platforms’ disruption in the broadcast media industry will accelerate, to the detriment of consumers, advertisers and thousands of Australian workers,” Mr Stokes said yesterday.
“We are not seeking special favours from the government but a chance to continue delivering first-class local content and news to Australians in both city and regional areas.”
The comments were delivered yesterday at Seven’s annual meeting where the company flagged a further decline in revenue from its metropolitan television business. Mr Stokes said the way to fix the tough market conditions was to ensure tech giants such as Google, Facebook and Netflix were regulated.
THE share market closed lower yesterday after US President Donald Trump threatened to escalate his trade war with China.
The benchmark ASX 200 index lost 54.7 points, or 0.8 per cent, to close at 6698.4 points, while the broader All Ordinaries was down 51.6 points, or 0.7 per cent, to 6805.5 points.
CMC Markets chief strategist Michael McCarthy said investors were concerned about both the situation in Hong Kong and fears the US and China would not reach an interim trade deal as they had been expected to earlier this week.