Facebook Witnesses Verbal Attacks, Leaves Advertisers Annoyed
In the aftermath of the death of George Floyd, U.S. civil rights groups have launched a campaign called "Stop Hate for Profit" to pressure Facebook into taking decisive action against hate speech on its platform. The boycott, which began last week, has seen advertisements for over 400 brands, including Coca-Cola and Starbucks, disappear from Facebook.
On Tuesday, Facebook executives, including Carolyn Everson and Neil Potts, held meetings with advertisers, but offered no new details on how they would address the issue of hate speech. Advertisers on the calls expressed frustration because they believe Facebook's plans do not go far enough.
The "Stop Hate for Profit" campaign has outlined 10 demands for Facebook, including allowing people who experience severe harassment to speak with a Facebook employee and giving refunds to brands whose ads show up next to offensive content that is later removed. Facebook has agreed to an audit of its hate speech controls, but has yet to publicly commit to meeting all of the campaign's demands.
The boycott is a test for advertisers to reach consumers without relying on Facebook. While Facebook's stock dropped 8% after news of the boycott, it has since recovered. The boycott is unlikely to have a significant financial impact on Facebook, as the top 100 brands on Facebook in 2019 likely accounted for 6% of Facebook's total annual revenue. Companies promoting brand image rather than direct sales are less affected by the boycott.
Facebook Chief Operating Officer Sheryl Sandberg and Chief Product Officer Chris Cox requested a meeting with campaign organizers last week. Mark Zuckerberg, as CEO, chairman, and the company's largest shareholder, is expected to join the proposed meeting with campaign organizers. The Anti-Defamation League Chief Executive Jonathan Greenblatt has stated that Zuckerberg is considered the ultimate authority by the organization.
Brian Chesky (Airbnb), Reid Hoffman (LinkedIn), and Jeff Weiner (LinkedIn) have contacted Facebook leadership in the past few weeks to discuss concessions for the fight against hate speech on the network. The boycott is a significant challenge for Facebook, as it faces growing calls for action to address the issue of hate speech on its platform.
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