Disinformation on digital media platforms: A market-shaping approach

The proliferation of deceptive content online has led to the recognition that some actors in the digital media ecosystem profit from disinformation’s rapid spread. The reason is that a market designed to monetize engagement with fringe audiences encourages actors to create content that can go viral, hence creating financial incentives to circulate controversial claims, adversarial narratives, and deceptive content. The theoretical claim of this piece is that the actors and practices of digital media platforms can be analyzed through their market practices. Through this lens, scholars can study whether digital markets such as programmatic advertising, commercial content moderation, and influencer marketing make money from circulating disinformation. To show how disinformation is an expected outcome, not breakage, of the current media market in digital platforms, the article analyzes the business models of pre-digital broadcasting media, partisan media, and digital media platforms, finding qualitatively different forms of disinformation in each media market iteration.