Bloomberg Media CEO Justin Smith was not part of the flock of media CEOs who surrendered their content to social media platforms like Facebook. Instead Bloomberg Media has been cautious about where they dropped their content for consumer consumption. This is due to platforms like Facebook basically controlling the fate of many publishers that built their business model on the social giant’s back. But according to Mr. Smith that “pendulum” of power is starting to swing away from Facebook and Google. During a sit down in London this week with The Drum, Mr. Smith suggested that there is a weakening of the so-called duopoly.
“The realities of 2017 and 2018 for these two companies, especially Facebook, [are] that they are facing pretty significant commercial model [and] civic responsibility questions, significant global political questions, they are under massive scrutiny in Europe and growing scrutiny in the US, and all of that is fuelled by consumer scrutiny fundamentally,”
Other media CEO have been ripping specifically Facebook as being untrustworthy and playing up their own direct platforms and websites as 100% trustworthy including for marketers who’ve grown wary of Facebook.
Bloomberg editorial chief John Micklethwaith said:
“There is no doubt that they are much more encircled than they were before.”
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