Last week, Australia’s media whipped out their, um, ambit claims and flopped them on the ACCC’s table for the proposed mandatory code of conduct governing Google and Facebook: the platforms should pay struggling media companies $600 million, said Nine chair Peter Costello. No, not enough! Give us a round billion, thundered local News Corp chief Michael Miller.
The claims were in response to reporting that Google and Facebook are now churning about $6 billion in Australian advertising revenues, or over 70% of digital advertising.
But in the middle of this, a PwC UK survey found a tentative answer to one of the big known unknowns: just where does all the money go?