Thanks to its in-progress investigation of Sony Music’s AWAL acquisition and its upcoming market study of the music business, UK competition regulator the CMA is firmly on the music industry’s radar. It’s also giving Meta, Facebook’s parent company, a big headache this week.
The watchdog has concluded that Meta’s acquisition of GIF platform Giphy “would reduce competition between social media platforms and that the deal has already removed Giphy as a potential challenger in the display advertising market”.
So what now? “The CMA has concluded that its competition concerns can only be addressed by Facebook selling Giphy in its entirety to an approved buyer.” That could kickstart a bidding war between other social networks, although we’ll be interested to see which ones count as small enough to be approved by the CMA.