Thursday, August 31, 2017

The New Monopolies: Google, Facebook and Amazon

"...Google has an 88 percent market share in search advertising in the U.S. Facebook and its major subsidiaries — Instagram, WhatsApp, and Messenger — account for 77 percent of mobile social media traffic. Almost $1 of every $2 in online retail sales goes through Amazon. Flush with revenues of tens of billions of dollars, each company has heavily expanded into other industries: Google udominates video (through YouTube), mapping, and personal email; Facebook is building consumer drones and virtual reality sets; Amazon recently bought the upscale grocery chain Whole Foods for $13.4 billion. Digital enthusiasts once predicted that the internet would democratize business and industry; instead, it's enabled a handful of firms to have such dominant market shares that it's almost impossible to compete with them. Our lives are channeled once again through fewer and fewer companies controlled by a few men...." (more)