“All these advertisers will be back,” said Facebook CEO Mark Zuckerberg.
Several brands and industry giants have announced that they are boycotting Facebook advertising and unless the platform makes changes in its policies regarding social issues, these brands aren’t coming back. Despite the loss, Zuckerberg isn’t worried and has not hinted at any changes in the company policies.
As reported by The Information, he said that all these advertising will be back on the platform soon. For him, the boycott is more of a reputational and partner issue rather than an economic issue. Zuckerberg also noted that the revenue coming from all these brands who decided to temporarily stop their ads take up very little space in Facebook’s overall revenue. The threat is small, he added.
The campaign started a civil rights movement for the previous weeks and many bug companies and personalities have shown their support. The Boycott has shed light on the company’s lack of policies in fighting against hate speech and protecting the innocent lives of people of color and those from the minorities. The misinformation and threats of violence in the platform is too rampant that many are calling for changes.
Previous UK deputy prime minister and now Facebook’s VP Global Affairs and Communications, however, reassured companies that Facebook doesn’t benefit from hate speech and the company is looking for ways to remove hate speech in its platform.
Facebook is making efforts in hearing out what the critics have to say but no solid decisions have been made as that will ultimately come from its CEO.
What does this mean for you?
Brands have good intentions for supporting the cause but it doesn’t mean that it’s good for their business as well. Research from the University of Oxford has shown that brands will suffer in the long run due to Facebook’s influence over other medial channels. Temporarily pausing their ads on Facebook and letting it on will affect their brand and will impact their overall effectiveness in all the other advertising channels. Facebook ads indirectly help make other channels more effective and taking out Facebook ads from their strategy will affect their ads on other channels in the long term.
While it wasn’t wrong for advertisers to take down and temporarily withdraw their ads to emphasize the spread of unsafe and unacceptable content. However, for the advertisers, this decision may prove to be detrimental for them especially in this economy.