By Kelvin Chan, Business Writer
LONDON (AP) --British regulators want new rules to foster competition in digital advertising markets and rein in the industry's dominant players, Google and Facebook.
The Competition and Markets Authority took aim at the U.S. tech giants in a report Wednesday that recommends the British government adopt a new regulatory approach to governing big digital platforms making money from online ads.
The authority said it was concerned that the two companies have developed "such unassailable market positions" that rivals can't compete on equal terms, resulting in higher prices for hotels, flights, electronics, insurance and other goods and services that are heavily advertised online.
Google and Facebook accounted for about 80% of the 14 billions pounds ($17 billion) earned by the U.K.'s digital ad industry last year, the authority said. Google controls more than 90% of the U.K.'s 7.3 billion pound search advertising market while Facebook has more than half of its 5.5 billion pound display ad market.
After a yearlong review, regulators found that existing laws aren't up to the job of effectively regulating the country's digital ad markets.
"If the market power of these firms goes unchecked, people and businesses will lose out," said, Andrea Coscelli, the CMA's chief executive. "People will carry on handing over more of their personal data than necessary, a lack of competition could mean higher prices for goods and services bought online and we could all miss out on the benefits of the next innovative digital platform."
The watchdog proposes a new "digital markets unit" with powers that would include ordering Google to share its data with rival search engines so they can improve their algorithms and limiting the search giant's ability to secure the default search engine position on mobile phones and browsers.
Under the new rules, Facebook could also be ordered to increase its ability to operate with other social media platforms and to let consumers choose whether to receive personalised ads.
Google supports "regulation that benefits people, businesses and society," said the company's vice president for U.K. & Ireland, Ronan Harris. "We'll continue to work constructively with regulatory authorities and Government on these important areas so that everyone can make the most of the web."
Facebook noted it faced "significant competition" from Google, Apple, Snap, Twitter, Amazon, and newer players like TikTok, and looked forward to "engaging with U.K. government bodies on rules that protect consumers."
Google and Facebook are already facing increased scrutiny of their ad businesses in the U.S. after two groups of state attorneys general launched separate investigations last year. One probe is examining whether Google's ad business is engaging in monopolistic behavior while the other is looking into Facebook for alleged antitrust issues, including whether its actions increased the price of advertising.
Mattel Films developing live-action View-Master feature with Escape Artists
Mattel, Inc. (NASDAQ: MAT) is developing a live-action feature film with Sony Pictures Entertainment and Escape Artists based on the company’s timeless 3-D image View-Master toy.
View-Master has entertained children and adults since its introduction in 1939. The stereoscopic viewing device has been a popular childhood staple for generations and has taken its fans all over the world with its 3-D image reels, creating worlds of imagination and storytelling for every adventure seeker at heart.
“View-Master has inspired generations to embark on boundless adventures, offering a treasure trove of storytelling possibilities for this film,” said two-time Oscar nominee Robbie Brenner, president of Mattel Films. “We’re thrilled to work with Sony Pictures Entertainment and Escape Artists’ Todd Black to bring this Mattel franchise to life. Their creative and filmmaking expertise sets the stage to introduce a modern take on this beloved toy to audiences everywhere.”
“View-Master has long been a window to the wonders of the world, sparking imagination in kids and adults alike,” said Todd Black, producer for Escape Artists. “Teaming up with Robbie Brenner and Mattel Films gives us the chance to honor that legacy while creating an entirely new adventure for today’s audience. We can’t wait to bring this treasured toy’s sense of exploration to the big screen.”
Mattel is also collaborating with Escape Artists to produce the upcoming Masters of the Universe live-action feature film based on the iconic Mattel franchise.
Overseeing the four-quadrant family adventure film are Kevin McKeon and Arturo Thur de Koós for Mattel Films. Todd Black,... Read More