Social Media Daily News Roundup 10.10.18

Facebook and Google face crackdown on market power in Australia

A powerful new authority to oversee the commercial activities of Google and Facebook has been recommended by Australia’s competition regulator in a landmark report on how to ensure the multinational digital behemoths behave fairly. (Guardian)

Twitter chief Jack Dorsey mocked for 'tone deaf' Burma comments

Jack Dorsey, the Chief Executive of Twitter, was accused of making 'tone deaf' comments about Burma on Sunday after he promoted the country as an ideal place for meditation and tourism, despite allegations of widespread human rights abuse. (Telegraph)

Viral publisher First Media joins Snapchat with repurposed Facebook video

First Media — the millennial women-focused publisher behind brands like Blossom, So Yummy and Blusher — has finally made the leap to Snapchat. But its strategy is unlike that of Snapchat Discover publishers of years past. (DigiDay)

TikTok parent ByteDance said to raise $1.45 billion for AI and content

ByteDance,  the Chinese company behind the immensely popular video app TikTok,  is in talks to raise $1.45 billion for a new fund, The Information reported on Friday, citing sources. (TechCrunch)

Confessions of a media agency exec: ‘Transparency is a slippery thing’

Agencies are facing rough headwinds, thanks to squeezed margins and new competition. In the latest installment of our Confessions series, an executive inside a holding company-owned media agency says that trust is at an all-time low, and clients are still reeling from the transparency report from the ANA. (DigiDay)