How ‘Truth Social’ is Highlighting the Issue of Monopolies in Social Media

According to Medium;

Over the past two decades, social media has become an integral pillar of our society. Whole political movements encompassing entire nations rise and fall on the digital landscape of the internet, and the free flow of information through the filters of social media has ushered a new age of social influence for Western society.

You can also read: Truth Social VS Facebook: Will Truth Social substitute Facebook?

However, a core issue has begun to arise with the unprecedented success of this new system of communication: Corporate Monopolies.

During the internet boom of the early 2000’s, media companies faced a more competitive scene; Google and Facebook competed with the likes of Yahoo and MySpace, but as the years went on their dominance overtook these competitors. While this in itself is not inherently bad, their dominance would continue into the future with no major competitors thereatening their power hold. Once a monopoly is established, corporations have the power to negatively manipulate their customers with little to no consequences, which is the main issue in social media today.

So what effect are tech monopolies having on society today, and how is Truth Social aiming to disrupt the industry?

Modern Social Media Monopoly

First lets establish what a monopoly is: Monopolies occur when a single (or small group) of companies dominate a certain niche of economic production. Their domination (and collusion) makes it impossible for competition to compete and, through corporate anti-competitive practices, can prevent any emerging competition from challenging their economic domain.

The current social media scene is dominated by the tech companies Facebook (now Meta), Twitter, and Youtube (Google). These companies’ prolonged dominance in the field of digital media has solidified their status as the “main” social media sites of the internet, and their extrordinary lobbying efforts have all but ensured their position is secure in the face of anti-trust lawsuits and legal persecution.

Through extensive lobbying efforts (aka “legal” bribery), tech companies like Facebook can hide behind legislation such as Section 230 which prevents them from being held legally liable for their content. Essentially establishing total legal immunity.

This “untouchable” status only emboldens them to make anti-competitive moves and consolidate power over the internet. Although some countries have recently taken legal action against companies like Google for anti-competitive practices, it is not nearly enough to dissuade them from their monopolistic tendencies.

Truth Social

Truth social
Truth social

In the face of all this, a new challenger is arising to (potentially) stand up against the tech giants: a social media in development called Truth Social.

Developed as a phone app, Truth Social is owned by the company TMTG and has gotten recent media attention due to its financial connections to Donald Trump. Whether or not you personally agree with the former president, the emergence of a potential competitor against a monopolized industry is an objectively good thing in the context of driving innovation; and the intensifying legal pushback prior to its release highlights just how needed this fresh competition is.

After its announcement, the company TMTG saw a huge increase in its stock price as people invested in the prospect of a new social media competitor; although eventually the hype died down and the price stabilized amidst legal scrutiny from Democrat political competition.

Despite these hurdles prior to its release, TMTG has managed to hold onto its stock price, and investors are eagerly awaiting the app’s release to see if their investment was worth the wait.

Although TMTG is in its early stages of production of their new social media app, their plan to become a competitive platform against the long established media giants is an exciting prospect.

It is important to note that competition is an important part of innovation; and regardless of if you agree with the core ideals of a company, the competition between opposing views ultimately benefits everyone by forcing innovation (and that’s the point here).

Truth Social is set to release sometime in the first quarter of 2022, and its much anticipated launch will set the stage for the next decade of competition in the social media scene.

You can also read: Why should we support Truth Social?

Will the tech giants continue to dominate, and squash Truth Social? Or will this prospective company become the first true competitor against the media monopolies for the first time in decades… only time will tell.

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