The Winner Still Takes All? Maybe not…
Knowledge is power. All know the saying, but only a fraction comprehend the empowering role played by social media. In the 21st Century, there is unrestricted information flow, and social media has a significant role in influencing culture and society, politics, the economy, and general worldview. Multitasking is now a common theme in people’s lives. Individuals depend on smartphones for school, social and personal lives, and work. The internet has become the new way of life, and social media keeps the biggest audience hooked. The primary inclination is on the adverse implication of social media.
Social media comprises certain players who determine the content viewed and shared on social platforms such as Facebook, Twitter, Instagram, and Reddit. The layers’ domination has prompted a debate of breaking up and demystifying their roles due to the negative disruption that social media has caused. Statistically, the US boasted just 5% of social media users because it was the infancy stage. As of 2019, the number increased to approximately 72% . Further research indicates that the most common social platform used by baby boomers are Facebook and YouTube. At the same time, Millennials and Gen-Z prefer Snap Chat, Instagram, and TikTok, which, reportedly among younger users, it is the social network that has the fastest growth.
The technology and social media industry may have started as a level playing ground. Still, it has over the years become a one-sided and biased sphere where established corporations such as Facebook buy any competition they see as a threat. The Federal Government took meaningful Action in 1998 when Microsoft got involved in an antitrust lawsuit that stated abuse of market power in defeating the competition. After Microsoft, it did not pay much attention because each tech company has been handled with care by the government. Big players hindering other companies’ growth means that they could work with security agencies or governments, using user data as leverage.
The protection of consumers from corporate dominance has also failed due to funding issues because FTC has a fraction of everything compared to Facebook. Facebook has especially monopolized its domination by acquiring the Instagram photo service for $1billion in 2012 and WhatsApp messaging for $19 billion in 2014 . The government should have stopped the acquisition, but it failed. Facebook is now at the top of the social media food chain, meaning that the overall data it has on each individual is enough to implicate them or even claim ownership of them. The social media giant has too much-unchecked power, which could be used to gain access or advantage over policies and regulations in the high place
The end-user has, over time, become the product that advertisers seek. There being unchecked information, fake news has become rampant, riddled with biases and polarization, terrorism, and bullying, influencing how people perceive. The major industry players need to keep the interests of people at heart because if Facebook did so, Mark Zuckerberg and the other players would understand the following: Suicides have increased due to depression and bullying, terrorists have recruited via social platforms, people have lost the actual social touch, have become worse at multitasking, and there are more insomniacs due to social media addiction. These, among many others, have changed the way of life adversely, and the subsequent measure of High Quality of Life (HQol) has decreased.
