ANZ social media regulators should adopt “fast follower” strategy

Australia and New Zealand lack the market leverage to lead global social media regulation and should follow EU/US precedents.

David Kennedy · Venture Insights7 June 2024Period: June 20244 min read

450 million→

Population of the European Union providing regulatory leverage

69/100↑

US Senators co-sponsoring the Kids Online Safety Act

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Abstract

This report analyses the regulatory landscape for social media in Australia and New Zealand, arguing that these smaller markets lack the leverage to impose unique rules on global platforms. It recommends a 'fast follower' strategy, adopting frameworks established by larger jurisdictions like the European Union, which represents nearly 450 million people. By aligning with the EU Digital Services Act and the US Kids Online Safety Act, ANZ regulators can implement proven transparency and safety measures without facing insurmountable resistance from global tech giants.

Key Takeaways

ANZ regulators should adopt a 'fast follower' strategy rather than attempting to lead the world in social media regulation.
The European Union's 450 million residents provide the financial leverage required to force compliance from global social media platforms.
The EU Digital Services Act (DSA) focuses on ex post removal of illegal content and bans targeted advertising to children.

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Frequently Asked Questions

Small markets lack the individual leverage to force compliance from global tech giants. Aligning with the European Union’s population of 450 million provides the necessary scale and financial weight to ensure platforms adhere to safety and transparency standards.

The EU Digital Services Act and the US Kids Online Safety Act are the primary models for ANZ regulators. The US legislation currently has significant momentum with 69 out of 100 senators co-sponsoring the draft, signaling a stable global standard for local alignment.

The EU framework focuses on the ex post removal of illegal content and carries zero ex ante requirements to block all content. It also mandates a total ban on targeted advertising to children while requiring high levels of transparency regarding platform algorithms.

ANZ social media regulators should adopt “fast follower” strategy

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