The European Union’s Digital Markets Act (DMA) sets new rules for digital services that are considered to be ‘gatekeepers’.
That’s defined as any company with more than 45 million monthly active users and a market cap of more than €75bn (around $82bn).
Now we know how many companies fall into that category: seven. Amazon, Apple, ByteDance, Google, Meta, Microsoft and Samsung are on the list.
All will face tighter scrutiny over how they run their platforms, with potential fines of up to 10% of their annual global turnover if they violate the rules.
ByteDance’s inclusion was a surprise, and according to Reuters, TikTok is questioning whether it should be included due to not being an “unavoidable platform to conducting online business in the EU”.
Why didn’t Spotify make the list? 30% of its 515 million monthly active users are in Europe: 154.5 million people, well above the MAUs threshold for the DMA.
However, the company’s market cap is currently just over $31bn, well short of the other criterion to be considered a gatekeeper under the legislation.