Australia’s consumer watchdog will examine whether social media behemoth Meta is throttling a potential competitor and entrenching its dominance by aping TikTok’s signature features on its own services | nickbonyhady and zoesam93
Australia’s consumer watchdog will examine whether social media behemoth Meta is throttling a potential competitor and entrenching its dominance by aping TikTok’s signature features on its own services, Facebook and Instagram.
Despite the push for more regulation, Meta now faces its toughest test in the form of TikTok, which has experienced rapid growth among younger internet users. In July Meta reported its first-ever quarterly revenue decline and chief executive Mark Zuckerberg has acknowledged TikTok is challenging his company’s dominance.
TikTok, which launched in Australia in 2019, posted a 220 per cent jump in 2021 revenue to almost $US50 million , according to accounts lodged with the Australian Securities and Investments Commission.Google, the owner of YouTube, which has also mimicked TikTok’s features, doesn’t break out how much money the video-sharing platform makes locally. But the global tech giant generated $7 billion in revenue in Australia in 2021.Meanwhile Meta generated pre-tax profits of $61.
In the latest phase of the inquiry, the ACCC is asking consumers, business and advertisers a range of questions about how they use the platforms.
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