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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

(FB)
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Social media deal earns advertisers' 'likes', but not yet all their dollars

09/25/2020 | 08:27am EST
FILE PHOTO: A Facebook logo is pictured on an Apple's Ipad in Bordeaux, southwestern France

Advertisers who boycotted social media are not all rushing back, despite an agreement by Facebook, YouTube and Twitter on how to curb harmful content online.

Unilever, one of the world's biggest advertisers, told Reuters the move this week was "a good step in the right direction," but would not say whether it would resume paid advertising on Facebook in the United States next year after stopping over the summer.

Coca-Cola also remains paused on Facebook and Instagram and declined to say if this changed its view. Beam Suntory [BSI.UL], maker of Jim Beam bourbon and Courvoisier Cognac, plans to stay away from paid advertising for the rest of 2020 and reassess in 2021 based on how Facebook adjusts its approach.

Over 1,000 advertisers joined a Facebook boycott over concerns it wasn't doing enough to combat hate speech. U.S. civil rights groups enlisted multinationals to help pressure the social media giant after the June death of George Floyd, an American Black man, in police custody in Minneapolis.

"Brands are very concerned about having any affiliation with the disinformation that runs through the big tech platforms," said Michael Priem, CEO of advertising technology firm Modern Impact.

Deciding whether to pull ads from social media can be tough. Larger brands can afford to take a stance, but for smaller businesses that have already been hurt by the coronavirus pandemic, "it's either make it or die," Priem said.

On Wednesday, the World Federation of Advertisers announced that social media platforms and advertisers had committed to create common definitions of harmful content such as hate speech and harmonized reporting standards.

A Facebook spokeswoman said on Friday that advertisers were returning to the platform.

"For the most part advertisers are coming back because they recognize the efforts we're making," the spokeswoman said. "We're never satisfied. We'll continue to work with industry and with our clients."

She said that 95% of the hate speech removed by Facebook is detected before being reported, up from 23% in 2017.

"Digital media is now more than half of all media spending yet is still operating with very few boundaries other than those that are self-imposed or that marketers try to enforce. It's time for digital platforms to apply content standards properly," Procter & Gamble's chief brand officer, Marc Pritchard, said on Wednesday.

The maker of Gillette razors and Pampers diapers said it will "continue to advocate for greater transparency, reporting, and enforcement" directly with platforms and through industry forums.

COMING BACK

Many companies, such as drinks giant Pernod Ricard, returned to Facebook in August after a one-month pause aimed at sending a message.

"I feel very happy ... with the outcome. I think it worked," said Eric Benoist, global marketing director for the maker of Absolut vodka and Martell Cognac. "It was a wake-up call. They heard it loud and clear."

Some advertisers, like spirits group Diageo, came back following direct engagement with the platform and evidence of action.

"Some progress has been made, but more needs to be done and we think we're better able to bring about change by working together," a Diageo spokeswoman said. "We are in the process of resuming paid media and will continue to drive accountability on these pressing issues."

Campaign organizers remain skeptical and pledged to keep up the heat.

"We cannot assume progress from yet another commitment to change until we see the impact and breadth of policy enforcement by these companies," said Rashad Robinson, president of Color Of Change, a backer of the Stop Hate for Profit campaign, which organized the boycott.

"As long as these companies continue to abdicate their responsibility to their most vulnerable users, we will continue to call on Congress and regulatory agencies to intervene." 

By Martinne Geller


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.65% 1824.97 Delayed Quote.36.25%
DIAGEO PLC -0.10% 2923.5 Delayed Quote.-8.65%
FACEBOOK INC 0.34% 287.52 Delayed Quote.40.08%
PERNOD RICARD -1.64% 159 Real-time Quote.-0.25%
SUNTORY BEVERAGE & FOOD LIMITED 0.92% 3850 End-of-day quote.-15.29%
UNILEVER PLC -1.08% 4386 Delayed Quote.1.11%
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Financials (USD)
Sales 2020 83 463 M - -
Net income 2020 26 870 M - -
Net cash 2020 63 906 M - -
P/E ratio 2020 31,1x
Yield 2020 -
Capitalization 819 B 819 B -
EV / Sales 2020 9,05x
EV / Sales 2021 7,09x
Nbr of Employees 56 653
Free-Float 83,8%
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Mean consensus BUY
Number of Analysts 51
Average target price 316,19 $
Last Close Price 287,52 $
Spread / Highest target 30,4%
Spread / Average Target 9,97%
Spread / Lowest Target -58,3%
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Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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