My question is for Ms. Kay, Mr. Clifford and Ms. Abitan, since Ms. Pulfer somewhat answered it earlier.
As you must know, UNESCO recently published a report on the issue of media funding. It says that Google and Facebook now soak up approximately half of all global digital advertising spending. We talked about this last week with other witnesses.
Here's what the report says:
Google and Meta/Facebook now soak up approximately half of all global digital advertising spending, while global newspaper advertising revenue has fallen by half in the last five years. In September of 2020, over 1 million posts circulated on Twitter with inaccurate, unreliable, or misleading information related to the pandemic [...]
The problem is that the big platforms are sucking up a lot of money and there's a lack of funding for independent journalism, for real journalism, because you don't know what's coming out of these media. Everyone knows that now.
What do we do about it? This problem will not disappear tomorrow morning.
Ms. Pulfer mentioned possible solutions. I would like to hear Ms. Kay on this issue of media funding.