The term “mainstream media” (or MSM) is generally used as a derogatory term to describe traditional news services (print, broadcast, on-line), especially by anyone who thinks that MSM does not reflect what’s “really going on” in politics, society and the wider arena of current affairs. Depending on which conspiracy theories or political agenda you follow, if MSM doesn’t agree with or express your viewpoint, it’s become very easy to dismiss the Fourth Estate as an instrument of the (deep) State, or merely serving the interests of an oligarchy of wealthy media owners and press barons. This dialectic is sometimes described as the Fifth Estate – those bloggers, podcasters, citizen journalists and marginalized voices that seek to pursue their version(s) of the truth via new content platforms.

Although the tradition of the counter-culture as represented by this Fifth Estate has a very long history, its growth has been accelerated and amplified thanks to new digital technologies in general, and social media brands in particular. The problem is, not only is social media challenging (and ignoring) many of the rules and conventions that underpin the social contract between the public and the traditional media outlets, our governments and regulators cannot keep up with the pace of technology.

In the late 1980s, when I studied sub-editing and basic journalism at night school, the ethos of The Five Ws of Journalism were still taught as the essentials of any credible news outlet or publication. This was also a time when the media was going through significant changes, from new content technology to cross-border ownership, from multi-channel narrow-casting to 24-hour rolling news formats – yet the principles of source verification, fact-checking, libel laws and the right to reply were generally still seen as crucial to instilling public trust and confidence in the media (alongside a healthy dose of scepticism to not believe everything that we read in the paper!).

Now, with social media grabbing more of our attention, and with large, global and engaged audiences on their platforms, who are getting more of their news from these channels, the term “MSM” could easily apply to social media itself. Hence the term “legacy media” has emerged to describe traditional news services.

Whether it’s Facebook wanting to be the “world’s newspaper” or X positioning itself as the global “public square”, it’s clear that these new media barons are in many ways no different to the aging media moguls they seek to displace. Newspapers don’t make money from their cover price or even subscriptions – most revenue comes from advertising and the “rivers of gold” it represents. Now, those advertising dollars are on-line, and tied to our social media accounts and the proliferation of posts, “likes” and “shares” (as well as our personal data).

So how should we think about regulating social media, if the old rules no longer apply?

First, the policy, regulatory and industry framework to oversee social media needs to be simplified and streamlined. In Australia alone, based on a cursory internet search, I identified more than a dozen entities (government, agency, association) that have some form of oversight of social media. Apart from being highly inefficient, surely it doesn’t have to be this complicated? (And complexity and ambiguity can embolden those who seek to flout convention.)

Second, if a social media platform wants to be taken seriously as a trusted news source, and if it aspire to be recognsied as a publication of record, it has to adopt some fundamental principles such as The Five W’s. It’s all very well saying that these platforms are anti-censorship, and pro-free speech, but those rights come with a heap of legal and social responsibilities. To argue that these platforms are merely conduits for public opinion (rather then being content publishers) undermines agency theory. Given that I am not entitled to a social media account (I don’t think it’s yet risen to being a fundamental human right?), and that I don’t own my account (often, not even the content I post), social media companies act as our agents. They give us permission to use their services, and they ultimately control what we post on their digital real estate. They also use algorithms to manipulate what is served up in our feeds. Social media should therefore be held accountable for content that it enables to be disseminated; take more responsibility for any libel, lies or dis/misinformation issued on its platform; and risk prosecution for any content that promotes, encourages or incites violence, insurrection and public disorder.

Third, the fact that much of the content on social media is user-generated should not absolve these platforms from having to provide a formal right of reply, as well as adhering to a recognised and independent dispute resolution service. This will enable alleged victims of on-line bullying, harassment, personal abuse and outright lies to seek redress, without having to embark on expensive legal proceedings. (Of course, if social media companies maintained fact checking and other verification tools, they should be able to mitigate, if not eradicate, the need to invoke these mechanisms in the first place.)

Finally, any reputable social media company should be willing to sign up to minimum standards of practice in respect of content originated or disseminated on its platform, as well as observing existing regulation around personal data, data protection, cyber-security, privacy, intellectual property rights and general consumer protections. At the very least, social media has to prove itself a credible alternative to the legacy media it seeks to displace, otherwise they are not the solution, just another part of the problem.