What has happened?
The ACCC, led by its chairman Rod Sims, has completed their inquiry into Digital Platforms. The completed report is rumoured to have been submitted to government on June 28. Originally called by then-treasurer Scott Morrison, the inquiry is looking at the effect digital search engines, social media platforms and other digital content aggregation platforms have on competition in the media and advertising services markets.
In particular, the inquiry is looking at the impact of digital platforms on the supply of news and journalistic content and the implications of this for media content creators, advertisers and consumers.
The Media Store Take
At the time this article was written, the report was yet to be released to the public. However there are some key recommendation themes we anticipate:
- Standardised user privacy and data disclosure guidelines – think an evolved GDPR
- Penalties for digital platforms, publishers and companies that pertain to these recommended guidelines
- More resources and power to the Privacy Commissioner to update existing Privacy Laws and enforce
- Revision of existing merger law and whether planned acquisitions interfere with the media market’s competitive process
- New regulators to oversee news and advertising on Google and Facebook
This local inquiry is garnering global attention.
It’s a clear signal to Marketers and our industry at large that a reassessment of the fundamentals of data, personalisation and tracking is required. We think this reassessment should not be fuelled by fear of non-compliance – rather, a reassessment should be motivated by an inherent respect for customer data and privacy.