Facebook’s COO Admits That Advertisers Have Temporarily Stopped Payments
Facebook has been taking hits recently, with social media marketing tips going over it for the time being, if the recent actions from several marketers is any indication.
According to Facebook’s Chief Operating Officer (COO), Sheryl Sandberg, admitting to news channel Bloomberg that several advertisers had decided to stop spending on marketing with the social media network as a result of the recent data sharing controversy with the data firm Cambridge Analytica.
In a recent statement made following the firm suffering through another week of negative publicity, one that has been plaguing not only Facebook but other social media platforms. Sandberg, in the interview, stated that the platform was implementing changes following the scandal.
The interview followed CEO Mark Zuckerberg’s interview regarding the scandal, where he stated that he was still the right person to lead Facebook, apologized once more for the whole debacle with the data harvesting, and he freely admitted during the interview that he had made some mistakes. The interview came following the issue with Cambridge Analytica, which harvested data via a personality quiz on Facebook, with initial reports saying that 50M, most of which were located in the US, were affected. New information regarding the data harvesting scandal reveals that about 87M were affected, with the info coming from Facebook itself.
Following Zuckerberg’s interview was Sandberg’s, wherein she says that a lot of advertisers decided to stop paying for advertisements on the platform. She says that a lot of advertisers are looking to add “Is your data secure?” to social media marketing tips following the scandal. She says that advertisers are also asking if their privacy will be maintained, much like the many individual users the platform has. This is huge, as the vast majority of Facebook’s revenue comes from advertising.
Sandberg says that, with the new outlook on the social media platforms, the company is adapting, making stricter regulations regarding work and advertisers, with political campaigns as well. Facebook reportedly worked with government that used the platform against their own people, as well as any advertisers running any offensive or discriminatory content.
According to Sandberg, the company will still work with political advertisers, but that they’ll be more careful than ever. As part of this effort, they’ll be implementing the stricter European user-privacy rules across the globe, on top of the platform severing ties with targeted advert data brokers.