Facebook is receiving a lot of criticisms lately from advertisers over its failure to moderate content on its platform.
Many are criticizing Facebook for its lack of action over several hate related posts on its platform. The latest major company to join the fray against the social networking giant is Verizon. The boycott is being organized by the Anti-Defamation League that calls for stricter measures in social media posts.
The boycott came after Facebook’s refusal to moderate inflammatory posts on its platform. The social media giant is also accused of turning a blind eye when it comes to misinformation and fake news.
The boycott was intensified by recent social unrest in the United States over racial inequality and police brutality. It appears that several major brands are slowly turning their backs away from the social media platform.
Calls for content moderation
Verizon is not the first major company to bar its advertisements on the social media platform. Companies like Ben & Jerry’s, Patagonia, The North Face, and Magnolia Pictures have all rallied to the cause of protesters. These companies are putting a hold on their advertisements on the social media platform.
In a statement, Verizon chief media officer John Nitti said:
“We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with we’ve done with YouTube and other partners.”
Aside from Facebook, Verizon is also pulling its advertisements on Twitter. These appeals for change have been fueled by the recent unrest and calls for racial equality.
A huge blow in revenue
One of Facebook’s main source of revenue is advertising. The company pulled in as much as $70 billion in ad revenue in 2019 from major advertisers. The tech giant expects to close a 4.9% increase in ad revenue this year.
🚨 Verizon pulling ads from FB, Insta, likely biggest advertiser so far to do so
– What started as whisper campaign now officially major boycott
– Move comes as Facebook deals w/ a "trust deficit" among marketers & regulators over way it moderates contenthttps://t.co/NLI8qazBTM
— Sara Fischer (@sarafischer) June 25, 2020
Many believe that the social media giant is an accessory to the current rise of hate speech in America. It is important to note that notable far-right groups started on platforms like Facebook.
Some social media companies like Twitter have started to moderate their content. Twitter even went as far as to flag hate inciting tweets from U.S. President Donald Trump.
It appears that activists are targeting advertisers in order to get their message to these social media giants. Advertisers are the bloodline of these companies. It comes as no surprise why some companies succumb to the call of their advertisers.
Facebook, on the other hand, is a different story. With billions of dollars in resources, the company can endure the call to change from its advertisers.
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