The picture above shows mark zuckerberg on trial in America. Regulating facebook has been a big battle for him.
Obviously we are going through the same thing in Nigeria.
Will social media be regulated in Nigeria?
Yes, they should be. The more difficult question is how to do this effectively while differentiating between their various forms . Concerns about the public regulation of social media platforms emerged after the 2016 presidential elections in the U.S. and the U.K. with the Brexit referendum, and have been further articulated by public critics such as Roger MacNamee, Renée DiResta, Dipayan Ghosh, U.S. presidential candidate Elizabeth Warren, or even comedian Sacha Baron Cohen. I will synthesize a number of their arguments and add my perspective.
Platforms are business models that create marketplaces to match different parties with complementary interests, relying on what economists call ‘indirect network effects.’ Dating sites, eBay, Facebook, YouTube, and operating systems such as Android and iOS are all different types of platforms. Social media platforms connect consumers with digital content creators and typically monetize their interactions through advertising revenue. Since platforms do not generally create their content, they contend that they are not responsible for what users produce and are thus exempt from the libel, defamation, and other laws and regulations that govern traditional media like newspapers and television. In other words, they are platforms for free speech and assume no responsibility for what their users communicate .
This claim is correct to the extent that they create little of their own content (this varies). It is incorrect, however, to claim that they do not exercise editorial control over the content. Traditional television and newspapers are what we call broadcast journalism, meaning that they provide the same content to a broad, general audience. Social media platforms, by contrast, are ‘narrowcasters.’ Given their ability to pinpoint who you are, their algorithms choose content exclusively for what they think you want to hear and see, making frequent, personalized editorial decisions based on your browsing behavior on their platforms, other websites (e.g. if you use Facebook or Google to login), and geolocation information taken from your cell phone.
Social media platforms are also what economists call ‘natural monopolies,’ though this does not mean that they are monopolies like utility companies providing universal services. Instead, all parties benefit from the increased aggregation of supply and demand, liquidity and lower search costs when activities are concentrated in a few, large platforms. For example, if you want to sell a piece of rare memorabilia, you are better off if all the potential buyers are on a single platform. A similar logic applies if you are buying, posting, or sharing content. As such, when platform businesses such as Facebook, Twitter or eBay first begin, fast growth is all-imperative in a winner-take-all competition. Explicit rules about what is or is not allowed on these platforms are implemented only when necessary, as they can constrain its expansion and are expensive to implement . Remember the early days of YouTube when they allowed users to post any type of music, TV show or film? Only after significant legal threats from the media industry did the online video streaming platform begin to impose restrictions on copyrighted material.