A significant proportion of WFA members are reducing their spend with social media platforms as a result of concerns about policies on hate speech.
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Thirty-one percent of advertisers surveyed on the 25th-26th of June said they are already (5%) or likely (26%) to withhold spend, while 41% remain undecided. Twenty-nine percent said they were unlikely (17%) or would not (12%) reduce spend on these platforms.
The responses came from senior executives at 58 companies that collectively spending $92bn on global advertising.
More than half have had direct conversations with platforms about their policies on hate speech, while 48% are working through industry bodies such as the Global Alliance for Responsible Media.
Thirteen percent of respondents are taking other actions, including making positive investments in minority-owned and focused titles, evaluating next steps internally and initiating ongoing monitoring and assessment of platforms. Some are also reviewing the role of social media platforms in the media mix.
WFA believes that the platforms need to do more to address this issue for the benefit of society and thinks that GARM is the best vehicle for driving lasting change in the behaviour and policies of all platforms.
“No brand wants to be associated with hate speech and as the effective funders of the social platform ecosystem, advertisers have a voice that needs to be heard. We are willing to work with the platforms on improvements that will benefit society, advertisers and the platforms themselves. This needs to be addressed fast because hate speech has moved from a reactive media management challenge into a board room issue for many companies,” said Stephan Loerke, CEO of WFA.