ABC News Australia reports that from mid-2024, the federal government will require the major streaming platforms to put some of their revenue back into Australian content.
Details of the new policy are still being negotiated between international streaming platforms like Netflix, Amazon Prime and Disney+ and the Australian film and television sector, but the sector has previously argued for around 20% of revenue.
These rules would bring the streaming sector into line with free-to-air networks, which are already subjected to local content quotas.
The aim is for international streaming giants to be forced to invest in more local content under the new quotas. The concern is they might simply cut back on the available size of their library in order to meet the regulations.
Details of the policy are being outlined this morning by Arts Minister Tony Burke, with the policy hoped to be passed later this year.
The streaming sector is a significant producer of Australian screen content already and spent more than $330 million on the local industry in 2021-22. Even so, only a few Australian series (broadcast or streaming) in recent years have performed strongly overseas, including “Mr. Inbetween,” “The Tourist,” and animated juggernaut “Bluey”, which has been a streaming hit in the United States.
The policy talk is coming in after content quotas for Australian networks have recently been relaxed to enable free-to-air networks the ability to stay competitive in the current market.
Source: ABC News, Always Be Watching
