The FTC says social media companies can’t be trusted to regulate themselves

The Federal Trade Commission published a new report about the data collection policies of social media platforms and video streaming services, and the results are damning, if not unexpected. The report, which was released on September 19th, found that these platforms not only surveil consumers but often retain vast troves of data indefinitely about users and non-users alike — and suggests they can’t be trusted to regulate themselves.

Given the billions of dollars companies stand to earn from collecting and monetizing user data, “self-regulation has been a failure,” the report says. “Predicting, shaping, and monetizing human behavior through commercial surveillance is extremely profitable — it’s made these companies some of the most…

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