There is hardly a ‘good day’ on Facebook’s personal timeline. One issue after another keeps arising and things keep getting tough for Facebook. Of course, Facebook’s lack of appropriate response and its lax content policies are due to blame, but the recent movement against Facebook has gained a lot of momentum, and it is larger than any other trouble that Facebook has come across so far - except for the Cambridge Analytica Scandal.
Due to various issues, Facebook’s income for the second quarter was already in discussions. But the latest #StopHateForProfit movement has made the third-quarter earning of Facebook talk of the town too. Digiday carried out a survey and found out that 56% of media advertisers are involved in carrying on the boycott on Facebook for July 2020.
Facebook has always been criticized for its relaxed stance and almost no action against hate speech, violence, and racism. Now, Facebook’s biggest customers have had enough, and they decided to send a powerful message and warning to Facebook. A group of civil rights organizations which include the Anti-Defamation League, the NAACP, and Color of Change began this movement to ‘hit pause on hate.’ These organizations urged various large businesses to stop using Facebook as a platform for advertising their products for July 2020. It is a well-known fact that Facebook’s major earnings come from ads that result in a revenue generation of more than $70 billion for the company! Now, with this boycott, the organizations and businesses want to tell Facebook that its profits are nothing if it does not stop promoting and hate, racism, bigotry, anti-Semitism, and violence on the platform.
Initially, there were a few major companies that got involved in the boycott. But now, the Stop for Hate website shows an updated list of all the companies that are a part of the ad boycott movement. It cannot be said with certainty if these companies will review their decision to boycott even after the movement ends and get back on normal business terms with Facebook again!
Facebook has already faced a major financial setback this year due to the coronavirus pandemic, and now that it was finally on the way to recover from the shock, this new movement brought another major blow to the company. Sadly, Facebook’s attitude has not changed, and it is not taking these issues very seriously, or so it seems. As per Digiday’s survey, a little less than half of the surveyed clients said that they would be more comfortable in spending on Facebook if Facebook’s reputation and values come in direct alignment with theirs! This means that these clients are waiting for serious action from Facebook in response to the allegations it keeps facing.
Around 56% of the buyers have claimed that clients have paused spending on Facebook because of the Facebook ad boycott movement, and 41% of them believe that the boycott will end by July and clients will resume spending on Facebook after it. But 26% of the buyers said that it will not end and will continue until the end of the third quarter of 2020. 17% of buyers said that this movement will not end until Facebook makes some meaningful and much-required changes in its policies, or at least remove are speech and have more controlled content policies is something that can help Facebook redeem itself in the eyes of the clients!
As per Digiday’s survey, at the same time, almost 55% of buyers believe that there is not much hope and Facebook will not bring any meaningful changes. Some 46% of buyers think that Facebook will pay heed to this movement and will do something to stop it.
The earnings in the second and third quarter of 2020 will clarify Facebook’s earning status and the decline will probably urge Facebook to work in the right direction somehow.
Read next: Does the Rise of Facebook Gaming Threaten Twitch?
Due to various issues, Facebook’s income for the second quarter was already in discussions. But the latest #StopHateForProfit movement has made the third-quarter earning of Facebook talk of the town too. Digiday carried out a survey and found out that 56% of media advertisers are involved in carrying on the boycott on Facebook for July 2020.
Facebook has always been criticized for its relaxed stance and almost no action against hate speech, violence, and racism. Now, Facebook’s biggest customers have had enough, and they decided to send a powerful message and warning to Facebook. A group of civil rights organizations which include the Anti-Defamation League, the NAACP, and Color of Change began this movement to ‘hit pause on hate.’ These organizations urged various large businesses to stop using Facebook as a platform for advertising their products for July 2020. It is a well-known fact that Facebook’s major earnings come from ads that result in a revenue generation of more than $70 billion for the company! Now, with this boycott, the organizations and businesses want to tell Facebook that its profits are nothing if it does not stop promoting and hate, racism, bigotry, anti-Semitism, and violence on the platform.
Initially, there were a few major companies that got involved in the boycott. But now, the Stop for Hate website shows an updated list of all the companies that are a part of the ad boycott movement. It cannot be said with certainty if these companies will review their decision to boycott even after the movement ends and get back on normal business terms with Facebook again!
Facebook has already faced a major financial setback this year due to the coronavirus pandemic, and now that it was finally on the way to recover from the shock, this new movement brought another major blow to the company. Sadly, Facebook’s attitude has not changed, and it is not taking these issues very seriously, or so it seems. As per Digiday’s survey, a little less than half of the surveyed clients said that they would be more comfortable in spending on Facebook if Facebook’s reputation and values come in direct alignment with theirs! This means that these clients are waiting for serious action from Facebook in response to the allegations it keeps facing.
Around 56% of the buyers have claimed that clients have paused spending on Facebook because of the Facebook ad boycott movement, and 41% of them believe that the boycott will end by July and clients will resume spending on Facebook after it. But 26% of the buyers said that it will not end and will continue until the end of the third quarter of 2020. 17% of buyers said that this movement will not end until Facebook makes some meaningful and much-required changes in its policies, or at least remove are speech and have more controlled content policies is something that can help Facebook redeem itself in the eyes of the clients!
As per Digiday’s survey, at the same time, almost 55% of buyers believe that there is not much hope and Facebook will not bring any meaningful changes. Some 46% of buyers think that Facebook will pay heed to this movement and will do something to stop it.
The earnings in the second and third quarter of 2020 will clarify Facebook’s earning status and the decline will probably urge Facebook to work in the right direction somehow.
Read next: Does the Rise of Facebook Gaming Threaten Twitch?
