Only the EU can break Facebook and Google's dominance
George Soros
...
Social media companies’ true customers are their advertisers. But a new business model is gradually emerging, based not only on advertising but also on selling products and services directly to users. They exploit the data they control, bundle the services they offer, and use discriminatory pricing to keep more of the benefits that they would otherwise have to share with consumers. This enhances their profitability even further, but the bundling of services and discriminatory pricing undermine the efficiency of the market economy.
Social media companies deceive their users by manipulating their attention, directing it towards their own commercial purposes, and deliberately engineering addiction to the services they provide. This can be very harmful, particularly for adolescents.
There is a similarity between internet platforms and gambling companies. Casinos have developed techniques to hook customers to the point that they gamble away all of their money, even money they don’t have.
Something similar – and potentially irreversible – is happening to human attention in our digital age. This is not a matter of mere distraction or addiction; social media companies are actually inducing people to surrender their autonomy. And this power to shape people’s attention is increasingly concentrated in the hands of a few companies.
It takes significant effort to assert and defend what John Stuart Mill called the freedom of mind. Once lost, those who grow up in the digital age may have difficulty regaining it.
This would have far-reaching political consequences. People without the freedom of mind can be easily manipulated. This danger does not loom only in the future; it played an important role in the 2016 US presidential election.
There is an even more alarming prospect on the horizon: an alliance between authoritarian states and large, data-rich IT monopolies, bringing together nascent systems of corporate surveillance with already-developed systems of state-sponsored surveillance. This may well result in a web of totalitarian control the likes of which not even George Orwell could have imagined.
https://www.theguardian.com/business/2018/feb/15/eu-facebook-google-dominance-george-soros
