Facebook takes a huge chunk of advertisers’ budgets, booking $39.9 billion in advertising revenue in 2017, according to financial filings, making it the second largest media owner in the world after Google.

While some advertisers may be worried about Facebook’s data practices, others won’t care as much, according to analyst Brad Gerstner, CEO and founder of Altimeter Capital Management, who spoke to CNBC on Wednesday. “Facebook hasn’t even scratched that surface. There are tremendous pools of advertising dollars that will flow to Facebook in the years ahead.”

Stephan Loerke, CEO of the World Federation of Advertisers, called the data scandal “shocking.” “The notion that data can be collected without people knowing or consenting is plain wrong,” he said in an email to CNBC, adding that he welcomed the forthcoming data regulations to be unveiled in Europe. “Brands will need to play a major role in rebuilding a digital ‘ecosystem’ where people decide who they share their data with, when and how,” he added.

Asked for comment, a Facebook spokesperson said:
“Advertisers look to us to help grow their businesses. They know how important it is for people to trust their information with Facebook. Most of the businesses we’ve spoken with this week are pleased with the steps we’ve outlined to better protect people’s data, and they have confidence that we’ll respond to these challenges and become a better partner and company as a result.”

—CNBC’s Arjun Kharpal and Sam Meredith contributed to this report.

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