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The World Federation of Advertisers (WFA) acknowledges that the CEOs from a large number of big advertisers received a letter yesterday from a group of Members of the European Parliament (MEPs) calling for a stop to targeted advertising based on personal data.
WFA and its members recognise the concerns that have been highlighted, which have been the object of a great deal of discussion amongst our members. As brands, we have always fully supported the need to provide consumers with meaningful transparency, choice and control over the way their data is used.
We also acknowledge that the self-regulatory approach alone is failing when it comes to addressing a number of shortcomings of the digital advertising market. These shortcomings frustrate our ability to be better marketers, can impact the reputation of companies and, most importantly, can cause damage to society.
Addressing these challenges will require a combination of approaches, involving self-regulatory efforts, such as the brand-led Global Alliance for Responsible Media (GARM) - which has been delivering on the demonetization of harmful content - with robust and proportionate statutory rules.
WFA therefore welcomes Brussels policymakers’ efforts to improve the digital advertising ecosystem through the Digital Services Act and Digital Markets Act and we remain fully committed to constructively engaging all Members of the European Parliament on how to build a digital ecosystem that works for everyone.
For a full opinion on Why It’s Time To Regulate The Digital Ad Market from WFA CEO Stephan Loerke, please click through to Ad Age here.