Overview

• King Charles III has announced that the UK Parliament will introduce a Media Bill aiming to regulate Netflix and other streaming platforms more significantly, as declared during his first King's Speech.
• The new Media Bill would enforce stricter guidelines on streaming services, similar to those followed by traditional broadcast media, and noncompliance could result in fines up to £250,000.
• ITV CEO and other public service broadcasters have welcomed the bill, hoping it will ensure their shows remain easy to find on all major platforms and devices, providing a level playing field between streaming and traditional broadcast.
• Netflix, however, has voiced concerns that the new regulations may cause content to be stripped from their catalogs, and have hinted at possibly charging UK customers more for their service.
• The Media Bill will be drafted and enforced by the Office of Communications (Ofcom), expanding their regulatory powers to cover all streaming services and potentially penalise non-compliance.