Are Social Media Companies Becoming Too Powerful?

Facebook, Instagram, Twitter, and Snapchat are undoubtedly the most popular social media sites around the globe. Many more such as TikTok, LinkedIn, Reddit, YouTube, and Pinterest can also fall under such category. These companies offer their customers a comprehensive, interconnected facility and the ability to access a wide range of content. Also, such companies have data on every consumer they have ever had since the commencement of their operation. Unquestionably, social media companies have a massive set of information that can be used for many different purposes if there is an intention.

Most of us take social media as a fun place to share stuff or connect with the latest events or news around us. During the COVID-19 outbreak, thousands of people's social and professional life have moved online, primarily to social networking sites. Individuals depend on social media platforms like Facebook and Twitter for news and communication with friends and associates. With the world under lockdown in 2020, social media use skyrocketed, as verified by multiple studies. Social media has become a "go-to" source for Covid-19 information because of its immediacy and accessibility.

As most social media is free, people from every part of the world can join for better contact with their surroundings, resulting in dependency on social media. A sizeable growing user base made social media more impactful. Users have given the power to social media companies with their information of many sorts. Companies also hold the authority to store their users' data, yet there is a lack of monitoring authority.

Today, data or information is more potent than arms. A comprehensive study from the Pew Research Center shows that 72 percent of Americans feel that major media firms wield excessive power and authority in modern politics. The survey results were released only days before the CEOs of four of the world's most massive technology companies - Amazon, Apple, Facebook, and Google - were slated to testify in front of Congress. So, it is realistic to assert that big media corporations hold significant power in shaping political discourse, which is critical. The allegations are supported by Facebook's role in the 2016 US presidential election, the Brexit vote, and the 2018 Cambridge Analytica scandal.

The lines between marketing, advertising, and journalism have been blurring for a long time since the introduction of 'advertorials.' Social media has increased the popularity of these pieces, and we've also observed the growth of fake news – which has no foundation in authenticity but may be written so effectively that it's impossible to detect. In this way, social media companies have massive power to manipulate, control, and at times, diverse opinions using their powerful tools. As previously mentioned, data is more potent than the arm; now, it's an open secret that social networking companies possess the power to influence using users' data without an appropriate accountability structure, which means these companies are not becoming too powerful, but have already become too powerful.