In his first King's Speech on Tuesday, King Charles III announced the government's intention to introduce the Media Bill to the parliament in London in the upcoming legislative period. This proposed bill would include regulations for streaming services, such as Netflix, Amazon Prime, and Disney+, bringing them in line with TV networks and mandating adherence to the code of conduct set out by media regulator Ofcom.

Under the provisions of the Media Bill, streaming platforms failing to comply with the prescribed code of conduct could face substantial fines up to £250,000 ($308,000) or restrictions within the United Kingdom. The bill aims to ensure that streaming giants embrace similar standards to traditional television broadcasters, particularly concerning the protection of children and the prevention of harmful content.

The initiative to regulate streaming services was initially outlined in a white paper presented by former Prime Minister Boris Johnson in 2022. Since then, the details of the Media Bill have developed further, leading to its inclusion in the King's Speech.

Streamers have expressed concerns that these proposed regulations may impact commissioning decisions and limit the range of content available to consumers. Netflix, for instance, expressed support for the Media Bill but also cautioned that it may opt to remove films and TV series from its U.K. service preemptively in order to avoid contravening the regulations.

Nevertheless, Netflix has made efforts to enhance the consumer experience on its platform. It voluntarily carries age ratings from the British Board of Film Classification (BBFC) on its content and provides robust parental control features, empowering users to make appropriate viewing choices for their families.

The Media Bill has been welcomed by traditional broadcasters, who believe it will create a level playing field and prioritize the visibility of their content. Carolyn McCall, CEO of ITV, expressed satisfaction, stating that the bill would enable public service broadcasters to continue investing in beloved British content and ensure its availability across various TV platforms and devices.

Stephen van Rooyen, CEO of Sky U.K. & Ireland, echoed this sentiment, emphasizing the importance of the proposals allowing public service and commercial broadcasters to strike favorable deals, thereby benefiting viewers nationwide. He urged for the swift implementation of the bill, considering the comprehensive consultation process it underwent.

Caroline Dinenage, chair of the Culture, Media, and Sport Committee in the House of Commons, emphasized the significance of the Media Bill for maintaining the success of public service broadcasters in an ever-evolving media landscape. She also highlighted the importance of ensuring access to live radio through smart speakers.

The King's Speech also addressed plans to repeal a specific part of press regulation. The proposed change, as reported by The Guardian, would remove a law that made newspapers liable for both sides' legal costs in libel cases, regardless of the outcome.

With the Media Bill set to undergo parliamentary deliberation, the future regulation of streaming services in the UK hangs in the balance. As stakeholders continue to voice their opinions, the government aims to strike a delicate balance between protecting consumers and preserving the creative freedom of streaming platforms.