Can Google & Facebook regulate themselves?
The search and social behemoths receive nearly 20% of all advertising spending in the world. They receive those billions without a lot of rules — let alone oversight — and they want to keep it that way.
The American congress is investigating wether or not the online advertising market needs to be regulated (spoiler alert: it does), and what can be done to prevent more foreign meddling in elections. Google and Facebook, together with the IAB, have taken the position that it would be more efficient if these companies regulated themselves (spoiler alert: They won’t).
The IAB argues that it’s members will employ common sense, technology, human intervention and self regulation to eliminate bad actors. This coming from the same people who brought you:
- Mark Zuckerbergs VR tour in Puerto Rico
- Privacy erasing tracking systems
- A denial that they’re in the media business in the first place
- A laissez faire approach with shady advertisers promising love/unseen riches.
Banking was the last sector which enjoyed sweeping self regulation with the abolishment of the Glass-Steagal act. It only took 9 years to completely implode on itself with the crash of 2008. But I guess we can trust these two giants to act in the best interest of the market and consumers. Spoiler alert: They won’t.