An investigation by The Financial Times found that Snapchat, Facebook, Twitter, and YouTube lost around $9.85 billion in revenue after Apple made significant changes to its privacy practices. Last year, Apple announced the App Tracking Transparency (ATT) policy that requires apps to ask permission to track users’ data. The policy went live in April, stopping apps from tracking users if they choose not to be tracked.
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Facebook wasn’t so fond of the move and went on record with a full-page newspaper ad, and thanks to the FT’s report, we understand why social media giants aren’t happy with Apple’s latest move. According to the report, Facebook lost the most money “in absolute terms” compared to other social platforms because of its magnitude and scale as a platform. Meanwhile, Snapchat “fared the worst as a large percentage of its business” framework uses advertising on smartphones exclusively. Being Snapchat is only mobile with the lack of a desktop version.
“Some of the platforms that were most impacted — but especially Facebook — have to rebuild their machinery from scratch as a result of ATT,” “My belief is that it takes at least one year to build new infrastructure. New tools and frameworks need to be developed from scratch and tested extensively before being deployed to a high number of users.”,– Eric Seufert
It’ll be interesting to see how social media companies fair. This is without a doubt a major issue for social media companies that rely on user data for advertising revenue. But giving the consumer the option to choose is a move customers definitely appreciate and is necessary. Let us know your thoughts in the comments below. Lastly, for more tech news, FTC Files Anti-Trust Lawsuit Against Facebook Over Acquisition of Instagram & WhatsApp
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