Booking (BKNG.US) becomes the latest regulatory target of the European Union's Digital Markets Act

Zhitongcaijing · 05/13 10:41

The Zhitong Finance App learned that the travel service platform of Booking Holdings (BKNG.US) has become the EU's latest target to crack down on the market power of technology companies. This means that the company has six months to ensure that it complies with a series of measures under the European Union's Digital Markets Act aimed at curbing vicious competition on large online platforms and ensuring that consumers have more choices.

EU antitrust commissioner Margrethe Vestager said in a statement on Monday that after making this decision, “holidaymakers will begin to benefit from more choices and hotels will have more business opportunities.”

Meanwhile, the European Commission announced the suspension of advertising business on Elon Musk's social platforms X and TikTok, and EU regulators have also launched a market investigation to determine whether X's other services should be covered by the Digital Market Act.

The core goal of the European Union's Digital Markets Act is to end the monopoly of big platforms. According to the Act, business entities with a market capitalization of 75 billion euros or an annual turnover of 7.5 billion euros or more, and at least 45 million monthly active users in the European Union and 10,000 commercial users each year can be recognized as “gatekeepers.” In September 2023, companies including Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft were confirmed as “gatekeepers.”