Money Minute June 1 2017 “What you Watch”
Ross Greenwood: Mornings to you all.
Listen, I want to talk media this morning.
It’s actually about you and how you’re affected by changes to media ownership laws.
It’s about what your watch, about what you listen to, or what you read, and it’s about who creates that content; and importantly how they get paid.
So, last night, the bosses of our big media companies came together as one, at Parliament House in Canberra.
Now, normally, if they get together…there’s a yelling match – there is no love lost in the media industry.
But not last night.
They came from Radio, from newspapers, pay television, free-to-air TV, and for once they put these differences aside because the new enemies are Google, Facebook, Netflix, and Amazon.
And they threatened their local media industry.
Malcolm Turnbull: The internet, the super platform, the hyper platform, that provided access to everybody and access to the world and what it has done is completely change the operating environment of the Australian media.
Harold Mitchell: It’s never been done before, Australia-wide, every part of the media has said there is a need for reform. That hasn’t happened for 40 years.
Mitch Fifield: Well that the current media laws were designed in the late 80s when Kylie Minogue was still singing the ‘Locomotion’.
Ross: It’s interesting this.
The changes relate to who can own what media around Australia, but the real audience for last night’s shindig was the crossbench Senators especially Pauline Hanson and One Nation for they might hold the fate of this legislation in their hands.
Change is needed though, because the internet now delivers content to every part of our country.
Facebook and Google are the biggest ad players but their content is generated by and paid for Australia’s media companies.
Tim Worner: There are parts of the package that, frankly, don’t suit our company and they don’t suit other companies. But we’re all putting our own interests aside in order to make a statement that is about the future of the entire industry.
Hugh Marks: you know we have to act, and the government has accepted this, and is supporting this, we have to act to protect Australian stories.
Ross: Yeah it’s about Australian stories and that really is the fact – that somebody’s got to pay for it and somebody else can’t take the ad dollar.
It’s is going to be a fight.
Dow Jones down 20. Dollar 74.3 US cents.