Do you ever think of social media as a business that has to be regulated in order to ensure fair competition in this marketing space. In the period of ten years we have gone from a time when the American marketplace was dominated by companies such as Exxon Mobil, General Electric, Microsoft, Citigroup and Bank of America to a new era of technology companies replacing them in the size of their market caps. Microsoft remains in the middle of this group at #3, but is now joined by its largest tech competitors: Apple (1), Alphabet (2, Google parent company), Amazon (4), and Facebook (5). We may eventually have to regulate these tech giants if they are determined to truly be monopolies that limit competition by smaller tech businesses in this space.
“We are going to have to decide fairly soon whether Google, Facebook and Amazon are the kinds of natural monopolies that need to be regulated, or whether we allow the status quo to continue, pretending that unfettered monoliths don’t inflict damage on our privacy and democracy. It is impossible to deny that Facebook, Google and Amazon have stymied innovation on a broad scale. To begin with, the platforms of Google and Facebook are the point of access to all media for the majority of Americans. While profits at Google, Facebook and Amazon have soared, revenues in media businesses like newspaper publishing or the music business have, since 2001, fallen by 70 percent.” So most Americans can now “proudly” say that they only know what they see on their computer screens (of varying sizes). Maybe this is really how all those fake news stories began?
Fewer newspaper readers, but more “screen” readers. Let’s face it, our social media markets are like the Wild West of the Digital Age. Maybe we do need a few Marshall Dillons to protect all of us law-abiding citizens (anyone remember Gunsmoke?).