In the world of work this week… For hours on Monday, three of the world’s most popular social media platforms went dark – and businesses that relied heavily on Facebook or Instagram saw their revenue dip in a big way. More highlights you may have missed this week:
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We’ve got a full breakdown of all the top headlines you can’t miss this week.
#1. The impact of the Facebook outage.
On Monday, users around the world kept refreshing their Facebook, Instagram, and Whatsapp accounts, only to find that the service was down. For more than five hours on Monday, three of the most popular social media platforms in the world went dark.
The outage had a huge impact on advertisers, many of which rely heavily on both Instagram and Facebook. One freelance media buyer, which spoke to the New York Times, said that those platforms alone soak up around $80 million to $100 million in ad spending he manages each year. When the outage hit Facebook, one company watched their revenge plunge 70%. Another company saw their sales slip 30 percent. The Facebook outage served as a stark reminder to many businesses which are still beholden to Facebook’s powerful influence on their ability to do business.
That lack of competition is the reason that Facebook needs more rivals, EU antitrust chief Margrethe Vestager said. "We need alternatives and choices in the tech market, and must not rely on a few big players, whoever they are, that's the aim of (the) DMA," she tweeted. Vestager proposed the Digital Markets Act last year, a proposal that sets out a list of dos and don’t for big tech players like Amazon, Facebook, and Google – forcing them to change their business model to allow for more competition, according to a Reuters report.