Regulations are likely headed Facebook’s way unless the company embraces change. Facebook erroneously (and we believe purposely) calls themselves as a tech company rather than a media company to skirt federal and international regulations. After an inquiry with the Australian Competition and Consumer Commission (ACCC), Facebook countered that people instead of regulators should have the power to decide what’s seen on their news feed.
Is this true?
The Facebook news feed is constructed through the company’s algorithms, catering to ad content and suggested posts. In its response to the ACCC, Facebook stated that 98% of its revenue comes from selling ads per the Audience Network publishers and advertisers.
Many of us can agree our feeds clog up quite easily — sometimes I have to fish to see posts from the people I care about. “Deciding what I want to see” is a nebulous phrase which at times has me choking on Bored Panda content because I enjoyed ONE video. ONE.
Although the ACCC’s findings did not conclude any inappropriate market use by Facebook, the report suggested policy changes. Facebook has agreed to partner with regulators to create suitable policies to control the flow of unwarranted news and advertising.
The company is still resisting any government regulation.
Here’s the space between a rock and a hard place. As long as Facebook is a prominent source of news and content, governments will swoop in to try to tame the social media beast, and their idea of regulation may lead to a slippery slope in regards to free expression.
The pressure is on Facebook and other social media platforms to stop the bleeding themselves. For now. Policy change from within the company is the safest road to harmony between those of us who just want to see memes from friends and the empty rage articles claiming newsworthy content.