UK Government Announces Plans to Regulate Streaming Services in King Charles III's First King's Speech

King's Speech reveals UK parliament to enforce new Media Bill that would extend Ofcom's regulatory powers to all popular streaming services, facing potential fines of up to £250,000 if they break content codes.

• 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.

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