The Big Tech issues receiving regulatory scrutiny today stem from slivers of information available to policy-makers from whistleblowers, protracted court cases, or interest groups. To change the status quo, disclosure requirements should cover all sides of Big Tech’s multi-sided platforms on a product-by-product basis: the revenue generating sides, any free (or subsidised) user sides, as well as the monetisation process that connects them. This involves going beyond profit/loss reporting to include non-price operating disclosures that reveal material risks to investors and regulators.

Given the systemic importance of Big Tech to the modern economy, it’s time to update mandatory disclosures for internet gatekeepers. This policy brief sets out the latest thinking from UCL’s Institute for Innovation and Public Purpose on how to restructure required public company financial reporting for this novel industry sector. The authors explain two major obstacles to proper disclosures and public oversight of dominant digital platforms and make recommendations to fix them.