Verizon Warns Owning Social Media Can Undermine User Trust
- Company sold blogging platform Tumblr as part of strategy
- Social media companies struggling with how to manage content
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Verizon Communications Inc.’s media executive warned that companies that want to maintain trust with consumers should avoid owning internet platforms where users are responsible for content.
“We used to own an asset called Tumblr,” Guru Gowrappan, chief executive officer of Verizon Media, said on a panel hosted by Bloomberg News at the World Economic Forum in Davos. Companies “cannot be in the user-generated content business if you want to maintain very deep trust.”