LONDON: The social media behemoth Meta reportedly proposed to limit its use of third-party advertising data for its Facebook Marketplace service on Friday, addressing the competition watchdog's concerns.
The pledges include giving advertisers the option to refuse the use of their data to enhance the Facebook Marketplace classified ads platform. The Competition and Markets Authority (CMA) stated that it was inclined to approve the undertakings.
Michael Grenfell, executive director of enforcement at the CMA, said that lowering the possibility that Meta may unfairly use the information of companies that advertise on its platform for its own competitive advantage could benefit many UK companies that do so.
"We are currently in consultation regarding these commitments, which we currently believe will address our concerns."
The CMA noted an instance where Meta was able to determine a person's interest in trainers based on their interaction with Facebook ads, which could subsequently be used to impact shoe listings for that user on Facebook Marketplace. On June 26, a consultation on Meta's plans will come to an end.
Aboaut Meta: Meta Inc. is a technology company that owns and operates various social media platforms. It was formerly known as Facebook, Inc. and rebranded to Meta in late 2021. Under the Meta umbrella, the company oversees several popular social media services, including Facebook, Instagram, WhatsApp, and Messenger.
Facebook is a social networking platform that allows users to connect with friends and family, share updates, photos, and videos, join groups, and follow pages of interest. Instagram is a photo and video sharing app that focuses on visual content and allows users to follow accounts, like and comment on posts, and explore trending content. WhatsApp is a messaging app that enables users to send text messages, make voice and video calls, and share media files. Messenger is a standalone messaging app that integrates with Facebook and allows users to chat, make voice and video calls, and send photos and videos.
Meta Inc.'s social media platforms have a significant global user base and are widely used for communication, content sharing, and staying connected with others. They also offer advertising and business tools for individuals and companies to reach their target audiences.
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