When Microsoft purchased Skype in 2011, many feared the service would be monetised at consumers’ expense. But a greater threat was in store: in the decade since, data-driven network effects and several mergers have allowed tech companies to expand and swallow up their rivals at a rapid rate, their sheer size and power allowing them to reach into every corner of digital life.
“Price” is no longer the most prominent concern. Instead, as EU vice-president Margrethe Vestager has said, it is about “prosperity”, “openness” and “freedom”. In other words, it is about allowing more access to and competition on existing platforms, while making sure consumers are not locked into digital ecosystems and can enjoy the full benefits of digitalisation.
The EU’s Digital Markets Act is a bold and novel approach to policy that identifies specific core platform services, such as search engines, social media and video-sharing platforms, shopping intermediaries or marketplaces, and audio assistants.
