• 556 days Will The ECB Continue To Hike Rates?
  • 556 days Forbes: Aramco Remains Largest Company In The Middle East
  • 558 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 957 days Could Crypto Overtake Traditional Investment?
  • 962 days Americans Still Quitting Jobs At Record Pace
  • 964 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 967 days Is The Dollar Too Strong?
  • 968 days Big Tech Disappoints Investors on Earnings Calls
  • 968 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 970 days China Is Quietly Trying To Distance Itself From Russia
  • 970 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 974 days Crypto Investors Won Big In 2021
  • 975 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 975 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 978 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 978 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 981 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 982 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 982 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 984 days Are NFTs About To Take Over Gaming?
  1. Home
  2. News
  3. Breaking News

Controversial European Internet Law Rejected

EU

When the European Parliament rejected a major EU copyright law proposal last week, it was a significant victory for big tech companies, and possibly—as some argue—internet freedom as a whole, or at least the freedom to meme virally.

The whole thing was about trying to do the impossible: make sure content creators are paid for everything everyone uses in this hyper-connected world.

The European Parliament will take another crack at copyright laws in September, but tech giants are chalking this up to a defeat for the likes of (among many others) Beatles legend Paul McCartney, who was one of the biggest lobbying forces behind the proposed law.

It had also earned the support of publishers such as Agence France Press (AFP) at a time when these traditional media outlets are being crushed by newcomers offering free online news. In the same vein, artists are losing out to the digital free-for-all, while tech giants are capitalizing on the same.

But tradition, in this case, is going to have to come up with a different game plan or be swallowed alive.

The proposed law was designed to give publishers and content creators a life-line for revenues lost to the digital era due to lack of protection for legally copyrighted material regurgitated by tech giants, including Google’s Youtube and Facebook.

The biggest sticking point was the part of the law that would have made online platforms liable for spinning material by users that was under copyright. In other words, if a Youtuber used something that was copyrighted, Google would be held legally liable.

Opponents coming out on the tech side of this debate have sounded the alarm bells over what would ultimately turn out to be censorship of the internet, while others, like McCartney, argue that the free-for-fall is jeopardizing the music “ecosystem”.

In an open letter to European Parliament ahead of the vote, McCartney said: “We need an Internet that is fair and sustainable for all. But today some User Upload Content platforms refuse to compensate artists and all music creators fairly for their work, while they exploit it for their own profit. The value gap is that gulf between value these platforms derive from that music and the value they pay creators.” Related: How Will Gold Respond To Escalating Tariff Wars?

Tech giants insist that this is a victory for democracy, and that a ‘yes’ vote in European Parliament would have meant the death of creativity.

European MP Julia Reda, from the German Pirate Party, chimed in on the proposed law, saying “It’s illusory to believe that all platforms will just take out licenses from all news sources for all EU countries. That’s a near-impossible feat. Those affected the worst will be people living in small member states and those wanting to link to less well-known sources—discriminating people based on their country and harming media pluralism.”

What it comes down to is this: Who would we rather have control the media—media outlets or tech giants?

It’s a question that doesn’t even need to be answered because the lobbying power will win this regardless, and that means the tech giants.

All told, according to Bloomberg, Google threw $36 million at this European copyright mosquito—and it was only one of the tech giants in play.

By Damir Kaletovic for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment