Times Square is a physical place with limited space. It has multiple uses and the road or sidewalk you’re standing on is a publicly owned thoroughfare. Your megaphone might damage the hearing of non-audience passerby if you have it turned up really loud.

That said, such a regulation would actually be unconstitutional unless it’s narrowly aimed at real concerns like blocking traffic. Snyder v. Phelps established that you can go protest with signs saying “God Hates F*gs” and yell at people during a military funeral. Believe it or not, sometimes free speech may be distasteful and disruptive.

The virtual world is very different. The audience is willing, there’s no passerby, no blocking traffic. Competing rights go out the window.