FT News Briefing Snap Inc rises on advertising, US Department of Justice takes on Google, big tech regulation
Oct 21, 2020
Snap achieves record revenues and sees a surge in advertisers, while Netflix struggles with slowing subscriber growth. The U.S. Department of Justice takes bold steps against Google over antitrust concerns, claiming it stifles competition. A comparison is drawn between Google’s tactics and historical moves by Microsoft. Additionally, the podcast discusses how tech giants are grappling with their regulatory responsibilities and the contrasting approaches taken by the U.S. and Europe in managing big tech's influence.
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Snap's Success
- Snap's revenue increased by 52% due to an influx of advertisers boycotting Facebook.
- Advertisers sought alternative platforms during the George Floyd protests, benefiting Snap.
Netflix Slowdown
- Netflix subscriber growth slowed significantly, only adding 2 million subscribers last quarter.
- This slowdown contrasts with earlier pandemic growth and suggests a potential market saturation.
DOJ vs. Google
- The Department of Justice accused Google of suppressing competition through exclusivity deals.
- This case mirrors the Microsoft antitrust case of the 90s, with similar allegations of maintaining monopolies.