Google has renewed its News Media Bargaining Code agreements with both large and small publishers. Notably, some of these new deals include clauses that allow cancellation after just one year.
Google’s deals are estimated to total approximately $130 million. Earlier this year, Meta, which made a notable exit from its publisher deals, was believed to have been incurring costs around $70 million.
As per reports, Google has confirmed that it has signed deels with Times News Group, Solstice Media, Private Media, The Conversation, Women’s Agenda, Independent Media, and several others.
Lucinda Longcroft, Google’s Director of Government Affairs, emphasised that over the past three years, the company has significantly advanced its support for the Australian news industry. This effort includes forging commercial agreements with over 80 Australian news organisations, encompassing more than 200 outlets nationwide. The majority of these outlets are regional or local, reports stated.
While Seven West Media and Nine Entertainment secured five-year deals with Google, smaller publishers encountered less advantageous terms.
News Corp reportedly has a global three-year deal with Google, valued at over AU$150 million. It is also believed that the company has extended its previous deal by an additional year.
Reports stated that this strategy was logical for Google, considering the uncertainty surrounding the future of the Code. The Albanese government is contemplating designating Meta, which would compel the company to negotiate commercial agreements with publishers.
Currently, Assistant Treasurer Stephen Jones is evaluating if there is a bargaining power imbalance between Meta and publishers, based on evidence provided by the Australian Competition and Consumer Commission (ACCC). He is also assessing whether Meta has made a “significant contribution” to the sustainability of the Australian news industry.
