A media official in the UK has said tech firms, Google and Facebook have become too powerful for them. It backed his assertion by saying they owned more percentages in the UK advertising industry than others.
Other media Advertisers can't compete with Facebook and Google
Tech firms, Facebook, and Google have become too powerful in their control of the British online advertising Mather according to a watchdog in the country. The Competition and Markets Authority has said regulations need to be changed to prevent the dominance of these giants in the technology industry.
According to Andrea Coscelli, these two firms have taken a lion's share of profits in the industry. They have faced so much backlash from other business rivals in the past, and it seems it will continue. However, Facebook has debunked the insinuation and said there are many rivals online, but they can't compete with them.
However, Mr. Coscelli insisted that the duopoly practiced by these two firms is unfair. Facebook and Google both have a market share of 82%of the £15 billion online advertising market which many believe is 'very unfair'. According to Coscelli
'' It would have been better if other people had bigger shares, not everyone will have to share less than 20%, this is very unfair. ''
These tech firms have too much financial muscle - Coscelli
He has also complained about Google 91% of Britain's search advertising market which he claims was a real issue. He said
'' When companies have too much economic muscle, this causes a lot of disruptions for both the consumers and competitors. It would have been better if there was a better and viable level playing ground where everyone could compete favorably. ''
A media spokesperson of Facebook says that the firm allows many people and businesses to connect. This isn't the first time, they won't be accused, as the former Us president accused them of being too powerful, and they need to be regulated.