Streaming Platform
The Australian government is set to enact legislation requiring streaming platforms to invest a specified percentage of funds in local productions, as announced by government sources this week.
Services including Disney+ along with additional providers that have 1M users must contribute at least ten percent of their local spending or seven and a half percent of income toward local content.
Legislation is being presented to parliament this week and will apply to documentaries and informative programmes.
Official representatives announced this initiative would help to safeguard production employment in the industry. Streaming services are yet to commented publicly.
'Outstanding content'
"We have local production obligations for broadcast television and pay television, but until now, there has been assurance that we could see our own stories on streaming services," an official representative stated.
"Since their introduction domestically, digital platforms have created numerous remarkable shows. This obligation will ensure that those stories – Australian content – continue to be made."
According to sources, the law is scheduled for presentation to Parliament this week.
The new content requirements were meant to be implemented in mid-2024 however worries over how they would interact with international trade pacts with the US resulted in the plans being put on hold.
The government cited difficulty engaging in negotiations with American counterparts while it was holding electoral process.
After President Trump was elected, there was then concern regarding if the rules might prompt the US administration to implement retaliatory tariffs against Australia.
Currently, following resolution, and with improved relations between the countries, these regulations are now back on the table.
While professional associations applauded the news, streamers have yet to issue statements on the matter.
Back in 2022, streaming platforms released documentation highlighting their artistic and economic contribution on the national entertainment sector.
Nonetheless, some observers interpreted this as strategic positioning in anticipation of coming legislation.
Production slump
Current local productions on streaming platforms feature multiple series spanning various genres.
Similar to other nations, the local entertainment sector have suffered in recent years, partly because of the production slump during the Covid-19 pandemic.
In the financial year recently concluded, funding for feature films and television dramas made in Australia fell by nearly 30%, according to industry data.