1100+ companies boycotting ads on Facebook do it little harm as its June quarter profit nearly doubles despite Ad boycott
The #StopHateForProfit’s Facebook ad boycott seems to have turned into a damp squib. Despite of reining in nearly 1100+ worldwide companies like Unilever, Starbucks, Levis, Microsoft, Coca-Cola, Verizon, etc, the Facebook ad boycott campaign made no impact on FB’s bottom line. In fact, the opposite is true. Facebook beat stock market expectations while reporting an 11% revenue growth in the June quarter.
Here are the numbers that Facebook reported:
- 3.14 billion monthly users across all apps (Facebook, Messenger, WhatsApp, Instagram) – up 0.15bn in the quarter.
- Daily Active Facebook Users (DAU): 1.79 billion.
- Monthly active users (MAU): 2.7 billion.
- +12% annual growth in DAU and MAU.
- Revenue: $18.7bn (+11% year on year).
- More than 180m businesses “use its tools”.
- More than 9 million “active advertisers” and just 1,100 ad boycotters, though they do include some of the world’s largest brands.
With many of the 1100 Facebook ad boycotting companies saying that they will restart the Facebook ads in August 2020, the #StopHateForProfit campaign sure looks like a failure.
Many feel that the failure of the #StopHateForProfit campaign is due to its leftist narrative and doesn’t take into account conservative or right-wing voices. #StopHateForProfit campaign has left-leaning supporters who hate capitalism and capitalists as its most vociferous members and supporters. Till the time it takes voices of both sides of the spectrum on board, such campaigns are bound to fail.