The Week That Was: IT and Media news week 34
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EU’s Digital Services Act has formally been in force since last autumn but a step-by-step implementation means that it is from now that stricter rules for big tech are in place. “With the DSA, the time of big online platforms behaving like they are “too big to care” is coming to an end, EU Commissioner Thierry Breton said when the Parliament and the Council agreed on the DSA. Markets are now waiting to see if that really is true and how the implementation of stricter rules for big tech will work.
Five companies – Alibaba, Alphabet, Amazon, Bytedance and Meta – now draw over half of global advertising investment and are further consolidating their position. Global advertising spend is on course to grow 4.4% this year and a further 8.2% in 2024, by when expenditure will have topped $1trn for the first time, marketing firm WARC says in a forecast.
Tech companies and politicians must act to understand the potential impact generative AI will have on children as they grow up with its increasing ubiquity. There are plenty of benefits to generative AI but there are also many unanswered questions and risks for children, Steven Vosloo, digital foresight and policy specialist at UNICEF, writes in a blog post. UNICEF has published a briefing called Generative AI: Risks and opportunities for children.
The economic downturn is difficult for many European startups. Over two-thirds of European companies that have gone public since 2022 are trading below their IPO price as European venture-backed IPOs near decade lows. But there are exceptions. Social media platform TaTaTu has registered a 258% increase since going public last year, according to capital market data company PitchBook.
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