The news: Some of the world’s biggest tech platforms are complying with new EU regulations. TikTok, Meta, Google, and Twitter provided information to regulations under a Digital Services Act (DSA) provision that requires “very large” platforms (defined as having more than 45 million active users) to disclose user figures by last Friday, February 17.
- Twitter said it has 101 million active users in Europe; TikTok reported 125 million; YouTube reported 401 million; and Meta reported 255 million and 250 million users for Facebook and Instagram, respectively.
Regulatory changes: The pace of regulatory probes in the EU, UK, and US targeting Big Tech’s way of business has sped up considerably in the last year or so, prompting tech companies to make concessions and disclose more info about their markets.
- The DSA and the General Data Protection Regulation (GDPR) are two major pieces of European legislation that target Big Tech’s ability to collect and use personal data for advertising purposes, especially when it comes to underage users. The two laws have been expanded in recent years, forcing Big Tech to adjust their businesses to stay compliant.
- On top of major regulatory shifts, Big Tech companies have been investigated and fined repeatedly over the last two years for anticompetitive behavior and misuse of users’ personal data.
- In an attempt to avoid further fines and restrictive laws, tech companies have started to offer concessions—Google said it would allow third-party ad exchanges to operate on YouTube, and several platforms agreed to participate in greater transparency around misinformation.