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Impact of EU fine on Meta’s global turnover by end of 2024
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European Union•Digital Markets Act•Facebook•Instagram•EU Commission•Financial Times•Meta•EU•Apple•Big Tech
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Meta's annual financial report, financial news reports
Story
EU Charges Meta Over 'Pay or Consent' Model Under Digital Markets Act, Faces $13.49 Billion Fine
Jul 1, 2024, 09:49 AM
The European Union has charged Meta Platforms Inc. for violating the bloc's Digital Markets Act (DMA) with its 'pay or consent' advertising model. This model requires users to either pay for an ad-free experience on Facebook and Instagram or consent to the use of their personal data for targeted advertisements. The EU Commission's investigation, reported by the Financial Times, questions the fairness of this model, arguing it does not offer a real choice between data privacy and payment. Meta faces potential fines of up to $13.49 billion, which could amount to 10% of its global turnover. EU antitrust regulators initiated the charges, following a similar case against Apple last week, indicating the EU's increasing scrutiny of Big Tech companies' compliance with digital regulations.
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