Link: https://finance.yahoo.com/news/google-hit-2-3-billion-150534366.html
Recently Google has been hit by a 2.1-billion-euro ($2.3 billion) lawsuit started by 32 media groups over Google's digital advertising practices. The timing of the lawsuit comes when European regulators are already engaged in a lawsuit with Google over the same digital advertising practices the private lawsuit aims to end. This timing is convenient as it just piles more on Google's plate in an attempt to get them to change their policy on digital advertising. Google claims their policies are fair, and they participates in both the buy and sell side of the market, but European regulators and private media groups disagree. The public lawsuit is an example of a shifting attitude towards tech giants, as the European Union has already lobbied two big lawsuits against Apple, causing them to change their standard charging port and messaging system. Hopefully, regulators continue this trend and keep big tech firms from overgrowing into sectors they shouldn't have a hand in.
8 comments:
Unfortunately, the internet and social media have caused lots of issues with society and lots of misinformation and bias is being unloaded on millions of people daily. I do not see it getting any better even with these sanctions.
I feel like the lawsuit is very needed. Google definitely has a huge control in the advertisement industry. As Professor Skoples mentioned in class our information is what Google is selling to these advertisers and there is no way other advertising companies could keep up with the huge amounts of data that google collects. Hopefully, this lawsuit will put more hands in the market, and help benefit the consumer more!
I feel like google still holds such a big name in the market that the lawsuits are hardly gonna have any significant impact on them. But as Tim mentioned, our information is being sold all the time, and is good to see those lawsuits finally taking place and maybe causing something positive for consumers.
How might the outcome of the lawsuit against Google's digital advertising practices influence not only Google's operations but also broader trends in regulatory oversight of tech giants in Europe and potentially globally?
It's definitely good that we're finally pushing back a bit and telling these big corporations they've overstepped their boundaries. Though this, again as others have said, probably won't put much of a dent in them it will force them to back off a little and think about their actions more carefully from now on, hopefully.
Interesting that we still haven't seen Google fold in this area after so much turmoil, so many lawsuits, and even big bad Apple agreeing to make a switch. They seem to be standing firm which makes me think data might be their entire business model now. Can't imagine this will impact them super negatively in terms of their financials.
It is surprising that Google is standing firm after all the lawsuits that have come their way over these advertising practices. It must be that the advertising is such a large portion of their revenue that it is worth it to attempt to protect it at all costs, even when that price reaches into the billions.
How might Google's response to this lawsuit impact its reputation and future business strategies, especially in the realm of digital advertising?
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