Streaming Platform
Australia is set to enact legislation requiring streaming platforms to allocate a specified percentage of revenue in domestic programming, according to official statements on Tuesday.
Services such as Netflix and other providers with over one million subscribers will need to allocate a minimum of 10% of their Australian spending alternatively seven and a half percent of income toward Australian content.
The law will be introduced to parliament this week and will apply to arts and informative programmes.
Official representatives announced the move would help to safeguard production jobs within the sector. The platforms are yet to commented on the matter.
'Remarkable productions'
"There are Australian content obligations on free-to-air TV and subscription services, however previously, we lacked no guarantee of viewing our own stories on streaming services," a government spokesperson stated.
"Since their introduction domestically, streaming services have created numerous remarkable shows. These requirements will ensure such productions – Australian content – will keep being produced."
According to sources, the law is scheduled for presentation to legislators this week.
The new content requirements were meant to be implemented by July last year however worries over how they would interact with a free trade agreement involving America resulted in the initiative being put on hold.
Officials mentioned challenges conducting negotiations with American counterparts while it was holding electoral process.
Following the U.S. election, concerns emerged regarding if the rules could lead American officials to impose retaliatory tariffs against Australia.
Currently, with the dust settled, and with strengthened ties between the countries, these regulations are now back on the table.
Although industry groups welcomed the news, streamers are still to issue statements on the matter.
Previously, streaming platforms released a report highlighting their artistic and financial impact to the country's creative economy.
However, some observers interpreted this as a pre-emptive strike in anticipation at future regulation.
Production slump
Current Australian shows on streaming platforms include multiple series across different categories.
Like many countries, the local entertainment sector experienced challenges in recent years, partly because of reduced activity throughout the health crisis.
In the financial year recently concluded, funding for movies and television dramas made in Australia decreased by almost one-third, as reported by sector statistics.
