Snap “grappled with industry changes to the way advertising is targeted, optimised, and measured on iOS that created a more significant impact on our business than we had expected,” chief business officer, Jeremi Gorman, said in a prepared statement via CNN. Following an unimpressive third-quarter earnings report attributed in part to Apple’s privacy changes, the company’s stock tanked by roughly 25%. While 10B for an app like SnapChat may seem ludicrous now (and could still very well be in future), it’s still early early days for how the app ecosystem is fundamentally changing the way we live. Snap, on the other hand, might not be so lucky. And the other is that measuring those outcomes became more difficult.”īut while these losses may hurt Facebook (now called Meta), in the long run, they likely won’t be particularly devastating given the company’s array of platforms and diverse investments. Facebook, Snap, YouTube, and Twitter have lost nearly 10 billion in revenue due to Apple changing the privacy settings on the iPhone, the Financial. One is that the accuracy of our ads targeting decreased, which increased the cost of driving outcomes for our advertisers. “As a result, we’ve encountered two challenges. “We started to see that impact in Q2, but adoption on the consumer side ramped up by late June, so it hit critical mass in Q3,” she said. Apple ’s decision to stop cross-platform tracking for social media companies such as Snap, Facebook, Twitter, and YouTube have drastically struck their advertising businesses. In Facebook’s third-quarter earnings report earlier this week, Facebook’s chief operating officer, Sheryl Sandberg, detailed several challenges caused by Apple’s new policy. Social media companies are still feeling the sting.
In all likelihood, its troubles are only going to get worse moving forward as advertisers transition to business models that take these kinds of user privacy measures into account. Several social media platforms, including Snap, Facebook, Twitter and YouTube, will see revenues affected drastically by Apple’s. Adtech consultant Eric Seufert told the Financial Times that Facebook alone may have seen as much as $US8.3 (A$11) billion in revenue evaporate in the second half of 2021. Social Media Firms May See 10B Loss in Sales From Apple Changes. However, some experts consider Lotame’s estimates conservative. Among the companies most heavily hit were Snap, which has a business model entirely built around smartphone use, and Facebook, which depends on targeted ads for close to 98% of its revenue, according to Statista. That’s according to data from research advertising technology firm Lotame, which estimates that the four tech giants lost an average of 12% of revenue in the third and fourth quarters of 2021. That decision cost Snap, Facebook, Twitter, and YouTube an estimated $US9.85 ($13 AUD) billion in lost revenue in the second half of this year, the Financial Times reports.
APPLE 10B FINANCIALTIMES APP SNAP FACEBOOK FULL
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