Social media firms could be fined billions of euro if they fail to comply with regulations ordered by the new Media Commission and Online Safety Commissioner.
Services based here such as Apple TV+ must make 30% of output native content or face being shut down.
The new regulations are part of the new legislation introduced by Media Minister Catherine Murphy.
The Commission, which replaces the old Broadcasting Authority of Ireland, will have an expanded remit and a workforce about four times the size of its forerunner.
Increased funding of up to €20million will come from industry levies.
As part of its expanded role, it will look to regulate streaming services, such as RTE and Netflix. And if the provider is based in Ireland, the Commission will act as the regulator for all of Europe. A new Online Safety Commissioner will tackle the spread of vile and harmful online content.
The financial sanctions for the worst cases will be huge, at up to €20million, or 10% of a company’s turnover, whichever is higher.
This could result in massive fines for a company like facebook who last year had registered turnover through its Irish arm of €60billion.
Ms Martin said: ““For many years light touch regulation has been the norm for video on-demand services.
“The Online Safety and Media Regulation Bill will establish more appropriate regulation and ensure they are subjected to similar regulatory obligations as television broadcasters.
“The Online Safety and Media Regulation Bill will introduce a fair, proportionate regulatory framework for online safety, encompassing the regulation of certain online services, including social media companies.
“Under the regulatory framework for online safety, regulated online services will be required to implement measures to protect children and the wider population from exposure to various categories of potentially harmful online content.
“These categories include cyber-bullying and material promoting eating disorders, self-harm or suicide.
“The use of industry levies is a common approach among regulators in Ireland and will help to ensure the independence of the Media Commission.
“Furthermore, it is essential the funding model is adaptable.
“The proposed model will allow the Regulator to amend the levy and respond to changing circumstances.”
