Report Overview

Too big to derail – Facebook unmoved by its advertiser boycott

Facebook grew revenues by 11% in Q2. This rate is higher than investors expected, but still driven to record lows by the pandemic slowdown. It forecasts 10% growth in Q3
The company is under very public pressure over its moderation of hateful content, with upwards of 1,000 advertisers joining a month-long boycott, while other online platforms institute tougher policies on hate
Facebook’s world-beating ad product and 9 million-strong bench of active advertisers means an organised boycott can’t hope to dent its growth. A coalition of advertisers, users, staff and regulators could make it take notice


Boycott’s impact: ‘a threat to a small percent of revenue’

Steps towards more moderation: what does it really mean?

List of charts/tables

Figure 1: Facebook advertisers’ distribution, Q2 2020

Figure 2: Facebook’s annual advertising revenue ($bn)

Figure 3: Projected ad investment, YoY change, 2020

Figure 4: Facebook’s market capitalisation ($bn)

Figure 5: US digital political ad revenue share, by company, 2019/2020