We previously covered how Facebook is under fire for hate speech and how companies have started a campaign against it. #StopHateForProfit movement has been going strong since then as more companies have joined the movement pulling their ads from Facebook to hold it accountable for being a safe haven for hate speeches and online harassment.
With companies such as Target, Microsoft, and Starbucks have cancelled their ads on Facebook to stop it from generating revenue, data analytics show that Facebook is not even feeling the loss. The cancellation and pulling away ads from Facebook have not had a big impact on Facebook advertisement revenue. The only effect these boycotts have had is that Facebook is more in the headlines these days, and the online harassment on the platform has come into the light.
Wall Street Journal suggested that the top boycotting companies made up for $57 million for Facebook ad revenue which, in retrospect, looks like a significant amount, but compare that to the $34 billion ad revenue that Facebook accumulated from advertisements in just the USA and Canada in 2019 ($70 billion globally in 2019). You will see that the number is not nearly enough to hurt the social media giant. Microsoft spent the most amount of money on Facebook ads in May ($10 million) while Starbucks closely followed behind it ($8 million). These companies were just over 10 percent of what Facebook made on ad revenue through other company’s ads that month.
The data also showed that the top companies only made up for 24 percent of Facebook’s ad revenue, while 76 percent came from other small to medium-sized companies on the platform.
Infographic by: statista.com