When you spend a lot of time on your social media posting, it can be scary to hear the word “regulations” thrown around. You’ve honed your strategy and built up your following. Is it all going away? Will you have to change how you market your business? There is good news, though! These regulations are mostly aimed at the tech giants who own social media companies.
There have been four bills introduced to the House of Representatives:
- A new law against social media platforms giving preference to their own products on their platforms. For example, Apple wouldn’t be able to show preference to Apple Music over Spotify.
- A restriction that prohibits tech sector mergers between companies that had competing products or services. If this was in effect already, Facebook would not have been able to acquire WhatsApp or Instagram because they shared certain services.
- There may be a halt to social media platforms owning subsidiaries that operate on their platform, if those subsidiaries compete with other existing businesses. The hope is that this targets preferential behavior. It may lead to a sell off of certain elements down the road.
- Platforms will be under legal obligations to allow users to transfer their data if they choose, even if it goes to a competing business. The goal is to improve user data portability.
Overall these bills were created to reduce the influence Facebook has over the entire sector, but only the last bill will effect social media users. That change could helpful if a newer more targeted platforms is developed. The rest are targeted at the tech giants to prevent further antitrust issues. We will probably see more regulations as the years pass, but for now our cheap social media services are not changing due to these bills! We are happy to be able to help you promote your brand!