Disney cuts ad spends on Facebook: Reports
According to media reports, advertisements for video streaming platform Disney Plus have been paused on Facebook
The Walt Disney Co. has cut down its advertising spending on Facebook and Instagram, media reports have said.
Advertisements for video streaming platform Disney Plus have been paused on the platform, some media networks have reported.
Facebook has lately been under fire over CEO Mark Zuckerberg defending the company’s decision to not act against US President Donald Trump’s post in which he referred to the Black Lives Matter protesters as “thugs”.
Some reports say Disney has spent almost $210 million in the first 6 months of this year over advertising. Facebook reportedly makes about 98 per cent of its $70 billion annual revenue from advertising.
It is, however, not clear the time frame for which Disney intends to stay away from the social media platforms.
This makes Disney the latest addition to the list of brands that have pulled back advertising from Facebook. Unilever, Verizon, CocaCola, Honda and the chocolate brand Hershey, have already committed to containing advertisements on Facebook.
In late June, Zuckerberg announced tweaks to a number of policies around hate speech and voter suppression but the measures have not helped halt the snowball of companies taking a stand to stop advertising from the platform in the US.
Just days before Facebook announced the damage-control measures, Unilever said it would stop advertising on Facebook, Instagram and Twitter in the United States for the rest of the year. Also, another major force in the advertising world Coca-Cola too said around the same time that it would suspend ads on social media for at least 30 days.
Unilever cited “divisiveness and hate speech during this polarized election period in the US” for its decision.
The advertising boycott of Facebook is part of the “Stop Hate for Profit” campaign started by US civil rights groups over the death of George Floyd.
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