Abstract:  New analysis by Venture Insights shows that Netflix, Google, and Facebook (Meta) each have larger Australian enterprise values than any domestic media company, with Netflix’s implied local EV approaching $11.8 billion, Google at $10.0 billion, and Facebook at $9.4 billion. By comparison, Nine Entertainment — Australia’s largest listed media company — is valued at just $3.2 billion, with the remaining sector players trailing far behind. This underscores the inadequacy of Australia’s policy response to date, and the scale of the challenge ahead.