Facebook, Google and Amazon have established deep-set monopolies, cementing their position at the top and stifling innovation, argues Jonathan Taplin of the New York Times. He infers that the profits that content generates no longer go to its creators but to the platforms that display it. Newspapers, which rely on ad income, need to negotiate with Google or Facebook, putting them in a powerful position. The unregulated market of the internet enabled tech giants in dominating venues of revenue such as online advertising. He suggests that their rise has come hand in hand with the hardship of media such as journalism, which is society’s loss.
Tech giants’ success doesn’t mean they have created monopolies, as their dominance remains contestable, writes Tim Worstall of Forbes. In his view, Facebook and Google have bolstered efficiency and creativity by establishing services that benefit everyone. To break them up simply because they are effective would be pointless, asserts Worstall. Calling their eminence a monopoly is incorrect because companies are free to compete with them, speculates Worstall. According to him, until there is evidence that tech giants squeeze consumers for profit and kill competition, their services are an asset to everyone.