Why do you think that these fines are "unbelievable" and "unreasonable"? Because for me they are rather on the low side, given the business practices, the reach and the potential for abuse that these companies have.
2) 2.6% of revenue for a company that isn't even profitable.
3) 2.6% of revenue for a global company, how much of this then is only EU revenue?? Are they supposed to get their legs cut off just for breaking one law of the 5 million that they're suppose to comply with?
4) This was a first offense for this company.
5) They're not doing anything harmful with the data. It's a social media platform. We need to relax. The burden should be on the parents.
2) Just because they are incompetent doesn't mean they get to break the law. Why should incompetent businesses be absolved from any wrongdoing?
3) If they want to do business in the EU they have to play by the EU's laws. If they cannot abide by the EU's rules, they probably should not try to make business in the EU.
4) That's why they only have to pay 2.6%.
5) There were multiple breaches that exposed user's data. You might think that exposing user's data is not that serious, the EU has decided otherwise. The burden by law is with the company, not the parents.
Yes, they wont learn otherwise.