Christopher Wylie and Roger McNamee.
January 12, 2021 17:00
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Before the pandemic, social media and e-commerce giants like Facebook and Amazon have been ascendant. The bodily isolation brought on by the continued world well being disaster has solely consolidated their energy. Nevertheless, style manufacturers can’t depend on a handful of Silicon Valley corporations to run their companies, enterprise capitalist Roger McNamee mentioned at BoF’s VOICES.
In an interview with Christopher Wylie, who blew the whistle on Cambridge Analytica’s improper use of Facebook consumer knowledge in the course of the 2016 election, McNamee outlined how massive tech has touched off a “cascading series of catastrophes going from the online world into the real world.”
In style, Facebook, Amazon and Google have inserted themselves between manufacturers and their clients. Though they provide unparalleled advertising and commerce capabilities, McNamee famous their purchasers pay a steep worth in the long term by ceding management of such essential components of their companies. But all will not be misplaced.
“The fashion industry has a superpower,” he mentioned. “You’re actually connected to culture, so people care what you have to say. You have to recognise as an industry that these guys are changing the rules and you have to fight back.”