Although there are differing opinions on how to address the growing disdain of social media companies, people across the platform have been unequivocal about the extent of the problem.
Although there are differing opinions on how to address the growing disdain of social media companies, people across the platform have been unequivocal about the extent of the problem. Be it meddling in elections or rise of fake news, social media over the past few years has done more harm than good for millennials. While this has given rise to a demand for regulation by the government, some believe the companies themselves should impose necessary self-regulation. The latter idea would not be too absurd—for years, the advertising industry in India has been under self-regulation and has addressed many issues in the sector. But, can one country, company or the government step in to solve this worldwide phenomenon? Even if that were true, this would still be very difficult as there could be cultural asymmetries and what works in one country may not work in another. In such a scenario, it is essential to address this from the viewpoint of the market. While no one denies that some amount of self-regulation wouldn’t hurt companies, the market in itself can get them to self-correct. For instance, given the menace of fake news, people will start trusting news brands again or more of fact-checking services will go live. Similarly, in the case of trolls, if people start leaving the platform, it would have a bearing on the social media business. For a business that is built on perceptibility, confidence is a fickle thing, and the market can be the best regulator.