According to Forbes magazine report of June 2017, Washington DC was ranked third among the US tech cities, and a leading knowledge hub and innovation hotspot. Due to its skilled workforce, according to the US Bureau of labor and statistics, the metro DC area is ranked number one in high tech, with employment in the sector being 2.5 times more concentrated there than in the rest of the united states.
A controversial debate has been initiated in Washington as calls have been made to the federal government to regulate the giants in the technology industry, citing misinformation and political bias. The giant tech companies namely Google and Facebook have been on the spot for quite some time now, with several accusations being made against them. Google, for instance, has allegedly been promoting information that is either untrue, or distorted with utmost right-wing bias on subjects like spreading fake news to build support for conservative political leaders. Facebook on the other hand has received its fair share of accusations, one of them being that they sell users personal information to political consulting firms and suppress conservative news stories from trending news.
Among these reasons, the legislative and administrative organs in Washington feels that these giants have had a lot of power and influence in the industry and on people’s online activities. Capitol Hill says that big tech is to an extent of sabotaging other online advertising companies that have been struggling to establish themselves on the digital platform as they experience slowing revenue. According to LUMA partners, a leading investment bank that does analysis on digital media and marketing, there has been a fall in the number of independent ad tech companies since 2013 by 21 per cent to 185 in the second quarter of 2018. A wide spread of online advertising continues to rise to more than $88 million in 2017. However, more than 90 percent of that growth went to Google and Facebook as reported by the Interactive Advertising Bureau, a trade group in New York.
In the broader picture, we cannot deny that the giant tech companies have become increasingly attractive as more users come on board. As a result, it is going to be almost impossible for other companies to compete and for any government to challenge them. Washington is only the latest state to show its frustrations on these internet firms. France and Germany are already implementing fines on them for not following the rules governing the industry.