They make $1.4B per day. This is basically just a cheap subscription for them
this post was submitted on 17 Aug 2023
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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.
Exactly right. Facebook will factor this in as am expected cost of doing business (if they didnβt already) and their stock will go up. This isnβt 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.
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.
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
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
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.
per capita, iirc, Norway is richer than U.S.
they don't need to fine fecesbook to get rich
Fines like these should be exponential in some way, that way they can't keep getting away with it.
Nah, exponentiation is too good for them.
Fines should be tetrated.
This guy ββ
Explanation for the downvoters: The double up arrow is the symbol for tetration.
Explanation for dumbs: What is tetration?
2=2
2^2=4
2^(2^2)=2^4=16
2^(2^(2^2))=2^(2^4)=2^16=65,536
You owe us $2
You owe us $4
You owe us $16
You owe us $65536
You owe us $2*10^19729
Not enough. The price for violating a human right should be enough to leave anyone bankrupt.
Besides panicking a few regional managers, this can only be a bad news for Meta if other countries, or even better, the EU follows them.
100kUSD/day for a 5.4M inhabitants country, that scales to 8.3M$/day for the total 450M inhabitants EU has (yes: I know that's not how it works, I'm doing a very gross approximation here).
That's would be 3B$/year. Now we're talking!
I should visit Norway, sounds like there are cool people there.