The Daily Aus, Broadsheet warn of 50% revenue hit if Meta bans news
A growing cohort of independent publishers are urging the government against taking action against Meta under the media code, fearing it will result in a news ban that could devastate their businesses.
Youth-oriented news outfit The Daily Aus and online lifestyle publisher Broadsheet Media have warned that half of their revenue would evaporate if Meta bans news in response to possible action under the media code, putting a large portion of their businesses at risk.
In a fresh submission to the federal government’s joint committee on social media, The Daily Aus said it stands to lose 50% of its revenue if Meta takes the nuclear option and bans news on its platforms in Australia, which include Facebook, Instagram, and its fledgling text-based social platform, Threads.
“A 50% revenue cut as a result of TDA’s removal from Meta would necessitate staff redundancies, limit our ability to provide free news, and stifle future growth and technological innovation,” the submission reads.
“This operational setback would be a major blow to diversity in the Australian media, reducing the variety of voices and perspectives available to the public.”
