This as media companies across the country are retrenching staff.

This is mainly due to a drop in revenue as people are moving away from traditional media towards social media platforms to access news.

Makhadi says the business model for the news media needs to be changed.

He says research by the Reuters Institute at Oxford University found that social media and video networks have now become the main source of news in the United States and this can easily fit into the South African (SA) news consumer's preference.

Makhadi says to ensure that SA access credible news content, SANEF continues to engage relevant stakeholders to find means to regulate the digital space, Makhadi was speaking on Motsweding Current Affairs.

"Amongst other things we spoke to the competition commission to really put the points forward, mainly around big technology, to say there is a lot of money leaving our shores, are we not able to look at methods of taxation as you would have seen in other countries such as Canada."

--SABC--