Social media bans on teens risk strengthening Big Tech's grip on the sector, Bluesky exec warns
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Government action to ban social media platforms risks strengthening Big Tech's grip on the industry further, limiting access for smaller players, an exec at BlueSky has warned.
Key facts
It's since grown to 43 million users as of March, which is still only around 10% of X's estimated 450 million users
Fines for not complying can reach up to 49.5 million Australian dollars ($35 million) if they fail to take "reasonable steps" to comply
The open-source platform was created within X, formerly known as Twitter, in 2019 and endorsed by Twitter co-founder Jack Dorsey
Bluesky has struggled to maintain popularity, and by the end of October last year, it had reportedly seen a 40% drop in daily mobile active users over the past 12 months
Summary
Rose Wang, Bluesky's chief operating officer, told CNBC on the sidelines of SXSW in London on Wednesday that the smaller open-source platform isn't opposed to regulation but that smaller players in the industry should be protected. "The reporter support the protection and the safety of youth, the question that they have then is at what cost, because what the reporter is scared of is in the long term, they're headed to a world where there's about three to five platforms, and extreme heavy regulation of those platforms, and the whole compliance teams of these platforms are 10 times the size of their entire team," Wang said. "So, basically, they're living in a world where it's almost impossible for smaller entrants to come in and build healthier spaces," she added.