The EU's efforts to rein in the power of big tech companies such as Google and Facebook through antitrust investigations have taken too long, dulling their effectiveness, a report said Thursday.
Legal tools available to the bloc's competition regulators, meanwhile, have not kept pace with digital markets, allowing Silicon Valley giants to eliminate rivals, said the report by the European Court of Auditors, which examined the EU's enforcement of competition rules over the past decade.
European Union authorities have been at the forefront of global efforts to bring the tech giants to heel but they've been criticized for lengthy investigations that have resulted in fines that are huge yet affordable for the wealthy companies. Google is currently appealing a 2.4 billion euro ($2.9 billion) antitrust fine levied in 2017 that stems from an investigation into its shopping search results that began a decade ago.
The report found that antitrust cases took an average of four years before a decision was made. Under EU legislation, antitrust investigations can only start after a competition problem has been spotted, the report said.
"Particularly in the digital economy, this may be too late to tackle a competition problem." However, except for EU rules on mergers, "the Commission has currently no tools in its hands that would allow it to intervene" before competition problems arise.
Competition rules usually take into account a company's market share and profit margin and prices of goods or services but those traditional benchmarks are hard to apply to digital companies, which use data and algorithms to compete for a market, "leading to 'winner-takes-all' outcomes," it said.
The report said that while consumers can be hurt by the practices of digital companies, it's hard for the EU Commission to come up with appropriate remedies for a competition problem "because determining the harm can be particularly complex."
The EU's competition commissioner, Margrethe Vestager, who is carrying out separate investigations of Amazon, Apple, Facebook and Google, has started turning to "interim measures" as a quicker way to get companies to stop anticompetitive practices.
Mike Pierantozzi joins Movers+Shakers as exec creative director
Creative agency Movers+Shakers has appointed Mike Pierantozzi as executive creative director. In this new role, he will help guide the creative direction of Movers+Shakers’ socially-native campaigns. Pierantozzi will report to co-founder and chief creative officer Geoffrey Goldberg.
With nearly two decades of experience as a copywriter, creative director, and multi-platform storyteller, Pierantozzi brings a wealth of knowledge from his work with major brands including Kraft, Unilever, IBM, and Walmart. He has led the creation of award-winning campaigns for agencies like Red Tettemer, Ogilvy, The Brooklyn Brothers, TAXI, Saatchi & Saatchi, and most recently, Vayner, where he spearheaded culturally iconic work for Planters including “Death of Mr. Peanut.” He led the National Down Syndrome Society and Luvs account, whose “First Kid. Second Kid” campaign was awarded by the Effies, ADC, Clios and LIAs.
Outside of the office, Pierantozzi practices what he teaches brands. He’s gone viral multiple times on his own TikTok account, featuring comedic interactions with his son and a trombone. He’s accumulated 15K followers on TikTok.
“Mike brings a rare and awesome combination of deep social and platform experience, a keen eye for excellent storytelling, and a humble and kind approach to leadership,” said Goldberg. “Mike’s got a knack for turning brand stories into cultural movements, making him the perfect fit for Movers+Shakers. He’s got the kind of bold vision and attention to culture that fits perfectly with our mission to push creative boundaries and drive industry firsts. Plus, as a creator himself he has the innate ability to make people stop, laugh, and share--which is exactly what we’re about.”
“I’ve... Read More