Why are companies boycotting Facebook? ‘Stop Hate For Profit’ campaign explained
The campaign was recently launched by six organisations in the USA, including the Anti-Defamation League and the National Association for the Advancement of Coloured People, and plans to call on organisations in Europe to follow suit, Reuters reported.
The global campaign will proceed as organizers continue to urge more US companies to participate. But it added that "we know we have more work to do".
Annually, Facebook generates $70 billion in advertising sales and about a quarter of it comes from big companies such as Unilever with the vast majority of its revenue derived from small businesses. Coca-Cola is believed to be among over 90 companies that have stopped online ads in support of the #StopHateforProfit campaign against social media companies, including Facebook.
Why are companies boycotting Facebook? The automaker, which includes the Honda and Acura brands, has said that it would withhold ads in July, "choosing to stand with people united against hate and racism". Due to the loss, Louis Vuitton chief Bernard Arnault replaced the Facebook founder as the world's third richest individual. Before Zuckerberg's announcement on June 26, just after the announcement of Unilever pausing all social media advertising, Facebook's shares fell by 7%.
Over 160 mostly United States companies have already joined the "Stop Hate for Profit" campaign in the wake of George Floyd's death, with corporations including Coca Cola, Levi's, Starbucks, and Verizon agreeing to partially or fully freeze their Facebook ad buys next month, ostensibly to try to force the social media giant to tackle hateful content online. Its CMO Jen Say was quoted by BBC News as saying that while the company appreciates that Facebook announced some steps in this direction today, it's simply not enough.
It is unlikely that a company that rewrote its content moderation policies to profit from Trump's vitriol grew a conscience over three weeks.
According to industry sources, advertisers in India have still not reacted as strongly as advertisers in the US.
On Friday, Facebook said it would ban adverts that claim a race, ethnic or other minority group could threaten the health or safety of others. A Lululemon spokeswoman said that the company would suspend paid ads on Facebook and Instagram.
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Quincey added that social media companies must have "greater accountability and transparency".
Eddie Bauer, retailer, spends Rs234 million ($1.4 million).
Major social media platforms, but particularly Facebook, have faced sharp criticism for failing to eliminate racist or hate-filled posts. The retailer will continue posting unpaid content on Facebook, which it said is its second-largest paid advertising platform.
The CEO, Mark Zuckerberg a day earlier announced tweaks to a number of policies, hours after the multinational Unilever said it would pull its advertisements from the platform for the next six months.
The policy changes announced by Facebook Inc. According to the campaign, Facebook "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.
European consumer-product maker Unilever has also chose to halt U.S. advertising on Facebook, Twitter and Instagram through at least the end of the year. I think this will be in a series of many new measures that will roll out now to contain the spread of hate on these platforms. However, companies take the call nearly on a daily basis.
Rashad Robinson, President of the Civil rights group of Color of Change, was not at all happy with Zuckerberg's address.
"To clarify one point", he continued, "there is no newsworthiness exemption to content that incites violence or suppresses voting".
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