Videos should factor into future Meta bargaining code deals: Nine CEO

afr.com:

A push by Facebook and Instagram into video has caused a “significant increase” in their use of video content produced by publishers which should be factored in when renegotiating multi-million dollar deals under the news media bargaining code, Nine Entertainment’s chief executive says.

Nine signed deals with Facebook, now Meta, and Google in 2021 under the landmark legislation, which compelled the two tech giants to negotiate with major news organisations to carry their content. It’s believed 30 news outlets signed deals worth more than $200 million.

Facebook’s deals, which were for three years, will expire in 2024. There are increasing signs the company will not renew its deals under the code.

Peter Costello at Nine’s annual meeting in North Sydney on Thursday. Rhett Wyman

Speaking after the company’s annual meeting on Thursday, Nine chief executive Mike Sneesby and chairman Peter Costello said that while Facebook had clearly moved away from text-based news – traffic has fallen up to 50 per cent this year – it was still using video from news outlets.

“There has been a significant increase in the use of our video content – news-related, sport-related and entertainment-related video content – across both Facebook and Instagram’s Reels businesses,” Mr Sneesby said.

“Notwithstanding the fact they may be considering their position in the traditional image and text-based news, video content has ramped up considerably. I don’t have a specific figure, but it’s material. And that certainly is an important thing for us to come to the table on to work out how we reach agreement on compensation for that video content.”

Mr Costello said he thought the agreements were “fair”.

“Of course we would like to continue them. The critical