- Britain is set to impose a new competition regime next year to prevent Google (NASDAQ:GOOG) and Facebook (NASDAQ:FB) using their supremacy to push out smaller firms and disadvantage consumers - Reuters.
- New laws are needed to keep the tech giants in check, said competition regulator the Competition and Markets Authority (CMA).
- Google and Facebook dominate digital advertising, accounting for around 80% of £14B pounds spent in 2019, said CMA.
- The two U.S. companies have committed to work with the British government and regulator, including giving users greater control over their data and the ads they are served.
- The newly-created Digital Markets Unit, which will begin work in April, could be given powers to suspend, block and reverse decisions made by technology firms and to impose financial penalties for non-compliance.
- Companies will have to be more transparent about how they use consumer data, the government said.
- Marketers for an Open Web, said Google was modifying its Chrome browser and Chromium developer tools to give it greater control over publishers and advertisers.
- Whether a complaint about Google technology warranted a formal investigation is being assessed by the CMA.
- Google said advertising practices needed to adapt to changing expectations around how data was collected and used.
- Previously: Google U.S. ad revenue expected to mark first decline this year - report (June 22)
- Previously: Digital Advertisement market to reach $626B by 2026 - UnivDatos (Nov. 25)