OK, it’s finally happened, the EU today have officially declared Google a monopoly. As Google themselves note, there are plenty of popular websites on the web. And companies are making a lot of money on the Internet.
Any economist would say that you typically do not see a ton of innovation, new entrants or investment in sectors where competition is stagnating — or dominated by one player. Yet that is exactly what’s happening in our world. Zalando, the German shopping site, went public in 2014 in one of Europe’s biggest-ever tech IPOs. Companies like Facebook, Pinterest and Amazon have been investing in their own search services and search engines like Quixey, DuckDuckGo and Qwant have attracted new funding. We’re seeing innovation in voice search and the rise of search assistants — with even more to come.
That said, Google has been a monopoly on the Internet for the last 15 years. So two questions come to my mind. Firstly, why has the EU decided to charge Google on anti-trust now and not 15 years ago? Secondly, is Google’s monopoly about to end?
To me, the EU itself is absurd let alone these charges today but there’s no denying one thing; Google is a great thing (and a even greater business!)