Meta’s market domination raises red flags for ACCC

Meta, the parent company of Facebook, is the poster child for the Australian Competition and Consumer Commission’s concerns around competition in social media services after its latest inquiry revealed the US tech giant continues to dominate its rivals.

Meta has the most users on its apps, the most advertisers and the largest amount of advertising revenue, according to the report. Of the time spent by users on mobile apps, Meta’s platforms claim the biggest share – 60 per cent – with users spending about 27 hours a month on Facebook and Instagram in 2022.

The ACCC said small-to-medium-sized businesses relied heavily on social media advertising because of its targeting capabilities, ease of use and cost-effectiveness, but that Meta was clearly the dominant player. “Meta’s consumer reach and targeting capabilities make it the most important social media platform for advertisers,” the ACCC said.However, the regulator added that Meta faced weak competitive constraints from other social media services, which could reduce innovation and consumer choice.

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