Advertisers boycott of Facebook ADs is gaining momentum. This could provide a window of opportunity for Facebook competitors if companies start looking for alternative social media marketing sources.
The campaign to get marketers to suspend activities on Facebook is gaining steam.
Verizon, Hershey, and Unilever have all stopped Social media advertising. Honda, Coca Cola ready to get on board as well and pause all social media ads.
Unilever spent $42.3 million on Facebook in 2019, according to Pathmatics, an ad data firm, and spent $11.8 million through June 25.
Heightened by the movement” #StopHateForProfit” campaign committed to getting big corporations to stop spending on platforms that remain silent or with very little effort against hate speech and disinformation.
The movement accused Facebook of allowing racist, violent and false content to run freely on its platform.”
Facebook sent a strong message to advertisers that it intends to do things on its terms and at its own pace. A 1,600-word memo by the company’s VP of global business solutions, Carolyn Everson, said: “boycotting in general is not the way for us to make progress together.”
“I also really hope by now you know that we do not make policy changes tied to revenue pressure,” Everson said in the memo. “We set our policies based on principles rather than business interests.”
Facebook share price fell by 8.3 percent on Friday.
Check out a list of recommendations by “#StopHateforProfit”