The Facebook-Google duopoly has a stranglehold over internet advertising. While the search engine dominates the pairing, Mark Zuckerberg’s creation is no slouch – last year, more than a fifth (21.8 per cent) of all US digital ad spending went to the social media network, equivalent to $28.2bn (£21.7bn). But the company is in hot water, and its grip on the ad market may be slipping. The latest obstacle arrived last week. Following an 18-month inquiry, the UK parliament’s Digital, Culture, Media, and Sport select committee released its final report into how dis- information and fake news are being spread online, especially on Facebook. The report warned that “malicious forces” are using the platform to undermine elections and democracy, and called for new regulations that would make tech companies like Facebook responsible for taking down harmful content. It also called for more transparency around who pays for ads on social media, as well as the creation of a new code of ethics and an independent regulator to oversee tech giants. That’s just in the UK. Facebook is also facing more questions from US politicians about whether users were misled regarding protection of their personal data, and is set to receive a… Read full this story
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