In the modern era, there are certain businesses that are blooming at a much faster rate than others. At the rate some of these businesses are growing, they could easily develop into monopolies. This is very concerning because it would take out a lot of small businesses and decrease overall competition in general. Some examples of these very large companies are Amazon, Facebook, Google, Sirius XM, and Illumina.
Amazon has been one of the fastest-growing companies in this day and age, and it doesn't seem like the growth is going to stop anytime soon. The global pandemic only helped Amazon because everybody was doing online shopping instead of going to the store, and Amazon is the main online store really helped business out. Jeff Bezos even recently became a trillionaire because of this pandemic. A trillionaire is a way too much money for somebody to have. It is almost as if he can't spend that much money.
Facebook was created a decade ago, but it has still been blossoming. Facebook also owns other social media platforms like Instagram, so it is basically the social media giant. Instagram is a very big platform with lots of influencers and the younger generation. Facebook has mostly the older generations and is used very frequently for marketing and advertisements. Facebook has lately become a very big social media giant which is very concerning for other social media platforms now or to be created in the future.
Google is often referred to as being the most widely used search engine. Over time Google has developed into a near monopoly, being used commonly around the globe. This is unfortunate news for other search engines, and can also be concerning because the google workers could be making more money than they should be making.
When Sirius and XM combined in 2008 they basically became an unstoppable force in satellite radio. Since then other music platforms have come into the light like Spotify and pandora, but I strongly feel like Sirius XM, being used widely around the globe, is becoming a monopoly. Every time I get into a rental car the only radio station they have is Sirius XM. The fact that almost everywhere there is Sirius XM is concerning for competition.
Finally, Illumina, a medical company, is becoming a monopoly. Illumina helps improve the process of genetic testing. Lately, Illumina has been gaining a lot more popularity in the medical world. With the low costs of Illumina services, it is almost impossible to outcompete. This is why Illumina is almost turning into a monopoly in this specific medical field.
All in all, all of these companies are developing into monopolies, which is a bit concerning to our economy and the competitors of these companies. Do you think that these monopolies are good or bad for society?