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Digital markets regulation: Big Tech means big problems

Tech companies don’t see themselves as anyone else. The industry’s “always-day-one” mentality makes supersize companies, in their own eyes, always aspiring start-ups. The rest of the world now sees trillion dollar giants with global networks. Cue renewed efforts to undermine their dominance. Shortly thereafter, the EU agreed strict legislation Great Britain decided this week to regulate big tech details of his plan.

Such moves come in response to the competition-stifling scale of big tech. Amazon is estimated to account for 39.5 percent of the US e-commerce market this year, according to eMarketer. Meta has 3.6 billion users around the world and is the world’s largest social media company. According to StatCounter, a web traffic analysis website, Google holds 92 percent of the search engine market.

The influence of Silicon Valley is also causing growing unrest in the USA. Lina Khan, Chair of the US Federal Trade Commission, is one of its most vocal critics. She is famous for to quarrel 2017 that Amazon has benefited from lax antitrust laws for decades. But forcing the companies to split up – the most radical solution currently under discussion – is probably politically unenforceable.

An easier win would be to loosen customer loyalty. The increasing orientation of the competition authorities in the US, the EU and the UK could be relevant. The UK is vague about the timing of its legislation, which is likely to dampen its impact. But its ambitions are similar to those of EU regulators. They have hatched new competition rules Ban platforms from prioritizing their own products. They are also pushing for interoperability between messaging platforms. Other products may follow.

Similar moves across the Atlantic would appeal accusations that Amazon, Apple, Facebook and Google abuse their monopoly position to pump their own products ahead of their competitors’ offerings. This would end the denial of their superpower status and ultimately pave the way for interoperability.

Digital markets regulation: Big Tech means big problems Source link Digital markets regulation: Big Tech means big problems

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