Meta looks at banning political ads in Europe
The reason would be the company's difficulty in adapting to the new political advertising laws of the European Union
Meta, the company responsible for Facebook and Instagram, is looking into banning political advertising on its social networks in Europe. The reason would be the difficulty of big tech in complying with the new laws of the European Union. The information is from Financial Times.
New EU political rules require tech companies, including Facebook and Google, to disclose information about political ads on their platforms. For example, how much they cost, who paid and how many people have already viewed the content.
According to Financial Times, Meta executives consider it more feasible to ban all political ads than to adhere to the changes. In addition, another reason would be the low profitability of political advertisements and the lack of interest of users for this type of content.
According to the research group Insider Intelligence, from 2019 to 2020, the company raised an estimated $800 million in political advertising revenue during the US election. The value represents less than 1% of the total advertising revenue in the period.
The European Commission, the European Parliament, and EU members must decide on the new regulation by June 5th.
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Friday, March 31, 2023 at 2:10 am