Grade compares social media companies to tobacco firms: hugely profitable businesses built on products that can cause harm.
“Self-regulation has failed because they don’t know the meaning of the word,” he told ITV News.
The major tech companies, he argues, have enjoyed a “wild west” for too long, pursuing “clicks and advertising revenue” while allowing a “toxic corner” of the internet to flourish.
Beyond tech regulation, Grade paints a stark picture of the pressures facing Britain’s traditional broadcasters.
ITV, Channel 4 and Channel 5 face what he calls an “existential” challenge as audiences and advertising move online.
While he says the BBC’s licence fee gives it a degree of protection, commercial broadcasters are being squeezed by YouTube and US streaming platforms like Netflix.
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