Disney may have been the largest company to have yet to join the Facebook boycott, with the #StopHateForProfit initiative discontinuing advertising on Facebook and Instagram. However, Wall Street Journal sources report that the entertainment giant has now slashed its Facebook ad spend drastically.
It is unclear how much Disney has cut its costs or how long the policy will last, but the company has reportedly decided not to make public announcements on the matter yet. The company has also stopped advertising the Hulu streaming service via Instagram, sources said.
In response to a request from WSJ journalists, Facebook reiterated its statement that it is going to actively fight against misanthropic statements. If Disney’s move involves a boycott, it could be the biggest financial blow to Facebook as the company’s claims of hate speech and disinformation are inadequate.
According to WSJ, Disney was the top Facebook advertiser in the US in the first half of 2020. While this may not necessarily cause significant hardship for Facebook, Mickey Mouse’s move could be more painful than cutting back on ads from other companies, including Ford, Starbucks or Verizon.
Facebook previously said it would change its policy to address the issue. Civil rights leaders behind the boycott have complained that social media encounters are disappointing, and have pledged to support the boycott until significant changes take place. The company conducted its own audit of civil rights and hate speech issues. In late June, we wrote that Facebook lost $ 60 billion in market value in just two days due to this situation with advertisers, and after that it became known that other companies, including Microsoft and Sony, had joined the boycott.
It’s too early to say that Disney’s involvement in the boycott will prompt Facebook to rethink its stance. However, these large advertisers are hard to ignore and can encourage other companies to follow suit.
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