Social media companies urge Australia not to over-rely on data on under-16 usage

Regulation
โดย Reuters·AU·Read original
Summary · why it matters

Major social media companies on the 14th urged the Australian government not to place excessive weight on early data showing that many children are still using their services after the ban on under-16s. Appearing before an Australian Senate hearing were local heads of Google, which operates YouTube, Meta, which operates Facebook and Instagram, Snapchat, and the Chinese short-video app TikTok. Lawmakers cited findings from Australia's internet regulator and others showing that around 80 percent of under-16s were still using social media several months after the ban took effect last December, and asked the companies to explain. Australia's internet regulator, the eSafety Commission, has accused some social media platforms of deliberately delaying compliance and is considering legal action. The hearing is examining proposed amendments that would double the maximum fine to 99 million Australian dollars, or 64 million US dollars, and expand the eSafety Commission's powers to compel platforms and third-party age-verification service providers to produce information and documents during investigations. YouTube's head of government affairs, Rachel Lord, noted that the latest government-published data was as of March, and cautioned against over-reliance on data that is still at a very early stage. Meta's head of public policy for Australia, Mia Garlick, said the data in question may not reflect whether under-16s who claimed to be using the platforms actually held accounts, and that survey data can show a gap between self-reporting and actual behaviour.

Impact on stocks 3

Spatial Computing / AR/VR▼ · 2 stocks
Meta Platforms Inc.
META
▼ NegativeRegulationrelevance

Meta's platforms are under scrutiny for under-16 usage, with possible fines and increased regulatory oversight.

Snap Inc
SNAP
▼ NegativeRegulationrelevance

Snapchat is subject to Australian Senate hearing and potential fines for under-16 usage compliance.

Artificial Intelligence▼ · 1 stocks
Alphabet Inc Class C
GOOG
▼ NegativeRegulationrelevance

YouTube faces potential fines and expanded regulatory powers in Australia over under-16 usage data.

Off-coverage companies 1

ByteDancePrivate▼ Negative
Regulationrelevance

TikTok faces regulatory pressure and potential fines in Australia over under-16 usage.

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