FACEBOOK ON THE ROPES
By: Andrew Curtin
Tomorrow, Coca-Cola along with Starbucks and Unilever will halt their Facebook advertising spend as part of the ‘Stop Hate for Profit’ campaign. To further Facebook’s troubles, more than 90 other companies have ended their ad spend with the social media giant. See the full list of participating companies here.
So, what is the #StopHateForProfit campaign, and why are companies signing up for it?
Stop Hate for Profit reasons according to their website:
‘They allowed incitement to violence against protesters fighting for racial justice in America in the wake of George Floyd, Breonna Taylor, Tony McDade, Ahmaud Arbery, Rayshard Brooks and so many others.
They named Breitbart News a “trusted news source” and made The Daily Caller a “fact checker” despite both publications having records of working with known white nationalists.’
The campaign wants all businesses to unite and fight for deep American values; freedom, equality, and justice and not to advertise on Facebook for the month of July.
With accounts like these being halted, it is no wonder that Facebook’s share price fell by 8.3% on Friday, according to the BBC.
According to Marketing Week, around 98% of Facebook’s $70bn turnover comes from advertising.
A few sleepless nights for Zucks lies ahead!