In Defence of Open Society

by George Soros

The business model of social media companies is based on advertising. Their true customers are the advertisers. But gradually a new business model is emerging, one based not only on advertising but also on selling products and services directly to users. They exploit the data they control, bundle the services they offer, and use discriminatory pricing to keep for themselves more of the benefits that otherwise they would have to share with consumers.

Not just distraction or addiction—social media companies are inducing people to give up their autonomy. The power to shape people’s attention is increasingly concentrated in the hands of a few companies.

The owners of the platform giants consider themselves the masters of the universe, but in fact they are slaves to preserving their dominant position.

I use “open society” as shorthand for a society in which the rule of law prevails, as opposed to rule by a single individual, and where the role of the state is to protect human rights and individual freedom. In my personal view, an open society should pay special attention to those who suffer from discrimination or social exclusion and those who can’t defend themselves.