1003
Starting today Facebook must pay $100.000 to Norway each day for violating our right to privacy. (tutanota.com)
submitted 2 years ago* by to c/privacy@lemmy.ml
105 comments fedilink hide all child comments
 

๐Ÿ˜

you are viewing a single comment's thread
view the rest of the comments
[โ€“] 103 points 2 years ago (10 children)

They make $1.4B per day. This is basically just a cheap subscription for them

  • permalink
  • fedilink
  • source
  • hideshow 20 child comments
    •
  • [โ€“] 108 points 2 years ago* (2 children)

    For comparison, if you made $365,000 per year this would be the same as you paying 7 cents per day in a fine, or $25 per year.

    If a fine is less than the profit it is legal and the cost of doing business.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 20 points 2 years ago

    Exactly right. Facebook will factor this in as am expected cost of doing business (if they didnโ€™t already) and their stock will go up. This isnโ€™t a penalty, this is just like paying a bribe. In the end, both are just lining the pockets of officials more interested in appearing to do something for the next news cycle so they can get re-elected.

  • permalink
  • fedilink
  • source
  • parent
  • [โ€“] 6 points 2 years ago (2 children)

    Did you mean $365,000,000? Or did you get confused by the "."? Cause that's used as a comma for numbers in a lot of European countries, so it's $100k per day, not $100.

    Also, it'd be exactly 10 cents per day, since $365k per year would be $1k per day, which 100 is 10% of.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 7 points 2 years ago (2 children)

    No, they meant 100k is 0.0071428571429% of 1.4b, and 26 is the same percent of 365k. Basically, if you made 365k a year and had an equal percentage fine, it would come out to less than 7 cents per day.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 67 points 2 years ago* (1 child)

    From the article:

    $100,000 per day for a country with ~5.4 million people is a lot. If even 20 percent used Facebook regularly, then that would still be 10 cents per user per day. It's unlikely that Meta is generating so much profit per user - every day.

    This is a reasonable observation and I wonder what Meta would do once one of their services becomes unprofitable in a specific country. Anyway if you add Instagram and WhatsApp to the math, maybe they would still generate profits from the Norwegian userbase

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [โ€“] 10 points 2 years ago (3 children)

    I wonder if this is a big amount for Norway's government. After 3 years you've got 100 million dollars. Not huge but you could build a nice hospital or something with that.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 6 child comments
    •
  • [โ€“] 48 points 2 years ago (3 children)

    I don't know where you're getting that number but it's definitely wrong. Their most profitable year so far was 2021, and they made $39.4 billion for the entire year. Source

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 6 child comments
    •
  • [โ€“] 7 points 2 years ago (2 children)

    So assuming things haven't changed too much for them, this is about 1%. Barely noticeable.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 15 points 2 years ago (2 children)

    I think the 2 points the article makes about that are pretty valid though. It's most probably more than Facebook's revenue in this single country plus it's just the beginning.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 21 points 2 years ago (1 child)

    It must be nice to live in a country that actively protects its people.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [โ€“] 15 points 2 years ago (2 children)

    I would love for the EU to just go all-out hardcore privacy protection and fine GAFAM et al. into fucking oblivion for not complying. If they shut down services, that's probably for the better, although it will be a rough awakening for most people (probably including myself)

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 7 points 2 years ago* (last edited 2 years ago) (4 children)

    GAFAM?

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 8 child comments
    •
  • [โ€“] 7 points 2 years ago

    But I really hope this sets a precedent for all other countries, need money to finance something? Just tax the shit out of Facebook. Of course it's a joke, we should properly tax them in the first place, or better yet force them not to exploit people data for profit

  • permalink
  • fedilink
  • source
  • parent
  • [โ€“] 1 point 2 years ago* (last edited 2 years ago)

    Where are you getting that number? Their financial reports claim about 120 billion a year in revenue. Or 0.4 billion per day.

    That's for about 3.5 billion users. Let's say Norwegians, being quite rich, generate ten times the daily average, or about $1 per day. I don't know how accurate it is, but this page claims about 80% of Norwegians use Facebook. With 5.5 million people, that would put their daily revenue for Norway at about 4 million. So this fine would equate to about 2.5% of their revenue. With a net profit of about 25% (it has varied from 20-30 the last few years) that's about 10% of their profits.

    It's not exactly going to put them out of business, but it doesn't seem too bad, proportionally, even with the numbers as generous as possible to your case. If India did the same (just adjusting 100k for population size) it'd be 25 million a day, or ten billion a year.

  • permalink
  • fedilink
  • source
  • parent
  • [โ€“] 1 point 2 years ago (2 children)

    it's not $100 as OP wrote, it's $100000

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [โ€“] 0 points 2 years ago (1 child)

    Hope he didn't write $100 Americans just refuse to acknowledge the existence of other cultures and can't be bothered to try to learn to understand them.

    The presence of multiple zeros after the decimal point is the big clue you know.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [โ€“] -5 points 2 years ago (1 child)

    Still meaningless with zero effect on company value.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [โ€“] 4 points 2 years ago (1 child)

    Not really.

    Norway has 5,391,369 people, and assuming ~40% use facebook, that's 2 million people that use facebook. 36.5 million dollars per year of fines mean that it's 18 dollars per user per year.

    Facebook has 2 billion users worldwide, and has a revenue of 33 billion every year. If all of those 2 billion users fined facebook for 18 dollars per year, that's their whole revenue gone.

    It just doesn't have that much effect right now because it's only norway doing it.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [+] -7 points 2 years ago (1 child)

    So, my comment stands. Stupid reply.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [โ€“] 3 points 2 years ago* (1 child)

    With only one country doing this, they can soak the cost, but the ARPU (average revenue per user) of Facebook, or any social media site, is actually quite low. It literally costs them money to operate in the country now.

    The question becomes "How many other countries can do the same before we are forced to care?"

    Fun Fact: Reddit had the lowest ARPU of any major social media.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •