IMDA Introduces Online Safety Code; Threads' DAUs Halve

In today's ExchangeWire news digest: Singapore's IMDA introduces the Online Safety Code; Threads sees its daily active users more than halve; and Spain fines Amazon and Apple for an anticompetitive agreement.

Singapore imposes online safety code

The Infocomm Media Development Authority (IMDA) has introduced a new code of conduct for social media platforms to make them safer for users. Under the Online Safety Code, platforms will be obliged to put new safety measures in place to minimise the publication and spread of harmful content, and to respond quickly and transparently to users’ reports of dangerous posts.

Facebook, HardwareZone, Instagram, TikTok, Twitter, and YouTube will all be required to abide by the legally binding code, having been labelled designated social media services by the Singapore regulator. Firms will also be required to submit safety reports for publication on IMDA’s website each year, beginning from the second half of 2024.

Threads’ DAUs halve

Twitter competitor Threads has seen its users decline by more than half in just one week. According to data from Similarweb, daily active users on the platform stood at 23.6 million on 14th July, down from more than 49 million a week previously.

The social media platform took off after launching earlier this month, accruing 100 million sign ups within its first five days. However, Threads’ current lack of some standard features, such as emojis, hashtags, and embed codes, could be putting users off the platform.

Amazon and Apple fined by Spain

Spain’s antitrust regulator has issued Amazon and Apple with a €194m (~£168.5m) penalty for stifling competition in online commerce. The National Markets and Competitions Commission concluded that the tech giants had formed an alliance to give the iPhone-maker priority over other suppliers who sell Apple products on Amazon’s marketplace.

Amazon received a fine of €50.5m (~£43.9m) while Apple was charged a higher penalty of €143.6m (~£124.7m). Both firms intend to appeal the decision, with Apple asserting that the pact was an effort to stamp out counterfeit products and Amazon claiming that it benefited consumers.

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Fact of the Day

>6 minutes – average time spent on Threads by US users on 14th July, down from 21 minutes on 7th July.

Source: Similarweb