The Walt Disney Company has “dramatically” slashed its advertising budget on Facebook.
According to The Wall Street Journal, as Facebook faces a growing advertising boycott over its policies and actions on hate speech on its platforms, the “house of the mouse” has “dramatically” slashed its advertising budget on Facebook and Facebook-owned Instagram.
Research firm Pathmatics Inc. stated that Disney was Facebook’s biggest U.S. advertiser for the first six months of 2020. According to the WSJ and The Verge, Disney was spending about $210 million for Disney Plus ads on Facebook, plus, 16 million for Hulu ads on Instagram between April 15th and June 30th, but as the monthlong #StopHateforProfit boycott organized by a coalition of civil rights organizations kicked off July 1st has gained momentum and pushed hundreds of other companies to pause spending on the social media platform, the Mark Zuckerberg behemoth is before one of its biggest setbacks yet. Starbucks, Unilever, Verizon, and Ford have also cut back or withdrawn advertising on the social media platform.
Deadline reports that Facebook claims “billions of dollars” of investment to keep its platforms safe, and banned 250 white-supremacist organizations from Facebook and Instagram. It also claims artificial intelligence helps discover so-called “hate speech” before anyone flags it. “We know we have more work to do,” Facebook said in a statement. It claimed it was working with civil-rights groups, a leading ad trade group, and others “to develop even more tools, technology and policies to continue this fight.”