Nowadays we use social media a lot and to mention it clearly Facebook. By acquiring WhatsApp and Instagram, Facebook joined the game of monopoly. Recently Facebook merged Facebook messenger and Instagram. And they will also merge WhatsApp into it.
Why do I say monopoly? 2.2 billion people use these 3 applications and Facebook generated 7,069.7 crores USD in 2019. Why Facebook bought what’s app and Instagram when they can build new competitive applications? By buying the application they are buying the user base, not the application. Who are the users? We. That makes Facebook a monopoly in the market.
Ok, let’s come to the point of how are companies making money if they are not charging us for using their applications? Here comes the solution, If you are not paying for the product then you are the product. They made Facebook for connecting people and it turns into a money generating system.
They collect the data from us and make money from the data. When talking about collecting the data, we have to mention the company name “Google”. They collect the data from what we search in Google, what we see on YouTube, and using Google Pay they have also access to the details of our financial transactions, where we live, where we are going daily with the access of GPS location. They know everything about us what do we like, which field we are working in, what…
