In recent years, we have witnessed a remarkable growth in the platform economy. The world’s five most valuable publicly traded companies are all American tech behemoths, collectively known as GAFAM: Google, Amazon, Facebook (now Meta), Apple, and Microsoft. Closely behind are Chinese tech giants like Alibaba, Tencent, Baidu, and Xiaomi, alongside numerous US-based internet giants such as Netflix, eBay, Uber, and Airbnb. These platforms operate as multi-sided markets, connecting advertisers and business users with final consumers. Each platform meticulously constructs its own ecosystem, where it defines the ‘rules’ adhered to by users and enjoys privileged access to the data generated within its confines.

Network externalities limit multi-homing, and control over data grants substantial market power to these digital platforms. The behavior of GAFAM in the market has come under intense scrutiny and has led to sanctions in high-profile cases by several competition authorities across the world. However, these antitrust investigations have frequently been criticized as too sluggish in comparison to the rapid evolution of digital markets. Moreover, the fines imposed by competition authorities are often deemed inadequate in challenging these firms’ dominant market position. In response to concerns regarding the effectiveness of antitrust interventions vis-a-vis digital platforms, recent years have seen the emergence of a novel form of proactive regulation specifically designed for these digital platforms. Examples of such regulatory initiatives include the EU Digital Markets Act, the German Sec. 19(a) GWB, as well as the recent proposals of the American Innovation and Choice Online Act (AICOA), and the UK Digital Markets, Competition and Consumers Bill. These legislative efforts underscore the growing importance of platform regulation on a global scale.

This event offers an insightful discussion of the interaction of competition policy with ex-ante regulation in relation to different digital platforms and draws comparisons between regulatory outcomes in different regions around the world.

In the first part, each speaker will give a short presentation of recent developments in their part of the world.

In the second part, the floor will be open to Q&A from the audience.