Facebook said the Top 100 Consumers contributed 16% of its $ 18.7 billion in revenue in the second quarter, which ended June 30. the company plans to continue throughout the quarter.
The boycott made it difficult for advertisers to plan. Kansas-based digital agency DEG has had a “month-long whirlwind” as its small and midsize clients questioned whether they could reach enough customers without Facebook, said Quinn Sheek, its director of media and research. Facebook and its subsidiary Instagram account for more than a third of digital spend by DEG customers.
Of the 60% of DEG customers who joined the July boycott, four in five plan to return to Facebook in August, many having “decided it was too much for them during tough economic times to stay away.” Ms Sheek said. . Still, the boycott helped amplify the discussion of toxic content on Facebook. The issue was raised in a congressional hearing last week and in repeated meetings between representatives of the advertising industry and Facebook executives. Faced with the pressure, Facebook released the results of a civil rights audit last month and agreed to hire a civil rights official.
“What could really hurt Facebook is the long-term effect of its perceived reputation and its association with being seen as a publisher of ‘hate speech’ and other inappropriate content,” Stephen Hahn-Griffiths, executive vice president of public opinion analysis company RepTrak, wrote in a post last month.
In addition to the prevalence of hate speech on the platform, its critics have also focused on the company’s treatment of user privacy and foreign electoral interference.