06.29.20 - Throughout its existence as a major tech player, Facebook has largely been one of the major digital advertising platforms for organizations of all sizes to reach a vast audience. The company over the years has been entangled in controversies and has been caught up in the middle of a political debate since 2016. Despite a number of hashtags emerging that called on users to delete Facebook, the company seemed unstoppable and the advertising machine was still churning out money.
Recently however, Facebook has looked much more vulnerable that it has previously. The social network giant is facing a new pressure campaign from advertisers. The company has faced many public pressure campaigns, but this one is unlike anything in its recent history. A growing number of big corporate brands have joined an advertising boycott of Facebook over its handling of the circulation of posts that contain hate speech and misinformation, tipped off when Unilever, the home goods giant, announced it would halt all ad spending on the platform for at least the remainder of the year. This move resulted in Facebook’s stock plummeting as people anticipated a domino effect.
Unilever's actions demonstrate how quickly an ad boycott can spread so rapidly and effectively, proving that public pressure campaigns can pack a punch in today’s age. The #StopHateForProfit campaign, which launched in the wake of Facebook's decision not to take action on incendiary posts from political leaders, is now a force Facebook cannot ignore.
Source: New York Times