MENLO PARK, California – Walt Disney Co. has “dramatically” cut its advertising budget on Facebook and Facebook-owned Instagram, according to a report published in the Wall Street Journal.
It is the latest setback for the social network, which is facing a growing advertising boycott of its policies and actions on hate speech on its platforms. The Journal, citing unidentified sources familiar with the matter, said the time frame for Disney’s pullback was unclear.
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it was Facebook Facebook,
The largest advertiser in the US in the first six months of 2020, according to research firm Pathmatics Inc. Disney joins hundreds of other companies that have stopped spending on the service. The report did not say whether Disney will officially join the advertising boycott. Some companies, like Starbucks SBUX,
, are withdrawing advertising on social media due to hate speech and other concerns, but have not officially joined the “Stop Hate for Profit” campaign.
Disney officials did not immediately respond to a message Sunday seeking comment.
The economic consequences of the pandemic have also reduced companies’ advertising budgets.
Facebook said it does not comment on individual advertisers. The company said in an emailed statement Sunday that it invests “billions of dollars each year to keep our community safe and to continually work with outside experts to review and update our policies.”
“We know we have more work to do, and we will continue to work with civil rights groups, (the Global Alliance for the Responsible Media Coalition) and other experts to develop even more tools, technology and policies to continue this fight.” Facebook said.
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