Committed to the principles of equality, freedom and pluralism, weekly newspapers led society, governments, institutions and organizations to foster a more just society. They helped bring about important social change and significant progress in a number of areas, ranging from education and health to culture and the economy. A true bastion of democracy, the local and regional press has a duty to the public and is committed to providing citizens with high-quality news in accordance with journalistic standards. As a source of news, oversight and careful thought, these weekly newspapers are vital to social cohesion.
Already hard hit by the media crisis, which they are struggling to recover from, weekly newspapers are also facing the challenges of the digital transformation. They are missing out on tremendous digital revenues owing to the virtual stranglehold of the Google-Facebook duopoly. The two companies have cornered nearly 80% of the online advertising market in Canada. That is besides the fact that they use and distribute content created by our journalists, without having to pay for the production of that content.
We are advocating for a regulatory regime that is largely modelled on the law recently passed in Australia, because we believe that may be the only way to restore the current market imbalance and ensure the longevity of our news media. We are putting all of our trust in Canada's parliamentarians from all parties, beginning with the Minister of Canadian Heritage. He has understood the magnitude of the problem, and there are encouraging signs that efforts will lead to similar legislation here.
What's more, we are having to face these numerous challenges in the midst of a global pandemic, which is having a devastating impact on local and regional business, community life, working conditions and human resources, and countless other sectors.