Facebook’s primary business model is centred on data collection, leveraging its two billion users as products. The social media giant collects vast amounts of personal information from its users, which it then sells to advertisers for targeted marketing. This model has proven highly profitable, catapulting Facebook to the top of the digital advertising industry.
Facebook’s algorithm is designed to maximise user engagement, keeping users on the site for as long as possible to gather more data. However, this approach has raised concerns about its impact on society and democracy, with critics arguing that it fosters echo chambers and spreads misinformation.
In response to these criticisms, Facebook has made some attempts to self-regulate, introducing measures to limit the spread of fake news. However, these efforts have been criticised as inadequate, with many calling for greater transparency and regulation.
Despite these controversies, Facebook’s user base continues to grow, suggesting that many are willing to trade their privacy for the convenience and connection offered by the platform. This raises questions about the value we place on personal data and the role of tech companies in society.
Go to source article: https://www.lrb.co.uk/v39/n16/john-lanchester/you-are-the-product