The European Union has taken a significant step in regulating social media platforms by requesting more information from Snapchat, TikTok, and YouTube regarding their content recommendation algorithms. Under the Digital Services Act (DSA), the EU has sent requests for information (RFI) to these platforms, asking for details about the design and functioning of their algorithms.
This move by the EU is aimed at ensuring that these platforms take necessary actions to prevent negative impacts on users' mental health, civic discourse, and the spread of harmful content. The EU's online governance framework imposes tough penalties for violations, with fines of up to 6% of global annual turnover for non-compliance.
In response to the RFIs, Snapchat, TikTok, and YouTube have until November 15 to provide the requested data. The EU will use their responses to determine any potential next steps, including the possibility of opening formal investigations.
Specifically, the EU is asking for detailed information on the algorithmic parameters used by these platforms to recommend content to users. They are also seeking information on how these algorithms mitigate risks related to elections, civic discourse, users' mental well-being, and the protection of minors.
While this is not the first time the Commission has requested information from these platforms, it marks a significant step in holding them accountable for their impact on society. TikTok, in particular, is already under formal DSA investigation for various issues, including minor protection and the management of harmful content.
Overall, this development highlights the EU's commitment to regulating online platforms and ensuring that they prioritize user safety and well-being. As investors and consumers, it's essential to monitor how these regulations could impact the operations and financial performance of these social media giants in the future.