ISLAMABAD, July 20 (online): The Walt Disney Co. has “dramatically” slashed its advertising budget on Facebook and Facebook-owned Instagram, according to a report in the Wall Street Journal.
It’s the latest setback for the social network, which is facing a growing advertising boycott over its policies and actions on hate speech on its platforms.
The Journal, citing unnamed sources familiar with the matter, said the time frame for Disney’s pullback was not clear.
Disney was Facebook’s biggest US advertiser for the first six months of 2020, according to research firm Pathmatics Inc. Disney joins hundreds of other companies that have paused spending on the service.
The report did not say whether Disney is officially joining the ad boycott.
Some companies, such as Starbucks, are pulling back social media advertising due to hate speech and other concerns but have not officially joined the “Stop Hate for Profit” campaign.
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