Verizon is joining an escalating movement to siphon advertising away from Facebook in an effort to pressure the company into doing more to prevent racist and violent information from being shared on its social networking service.
The decision announced Thursday by one of the world's biggest telecommunications companies is part of an boycott organized by civil rights and other advocacy groups under the rallying cry of "#StopHateforProfit." The protest, spurred by last month's killing of George Floyd by Minneapolis police, is supposed to last through July.
"We have strict content policies in place and have zero tolerance when they are breached, we take action," New York-based Verizon said in a statement. "We're pausing our advertising until Facebook can create an acceptable solution that makes us comfortable."
Verizon noted that it has previously stopped advertising at other popular online destinations, such as Google's YouTube video service, when it has felt its promotions might appear alongside content inconsistent with the company's values.
In its own statement, Facebook executive Carolyn Everson said the company respected Verizon's decision and remains committed to purging hateful content from its services.
"Our conversations with marketers and civil rights organizations are about how, together, we can be a force for good," said Everson, vice president of Facebook's global business group.
Other advertisers who have pledged to stay off Facebook and other company services such as Instagram include three major outdoor gear companies, Patagonia, The North Face and REI.
Common Sense, one of the boycott organizers, said other companies who have agree to "pause" their Facebook advertising include retailer Eddie Bauer, web browser maker Mozilla and and a movie studio, Magnolia Pictures.
The boycott, in theory, could pinch Facebook's profits since the company makes most of its money from ads targeted at the interests that more than 2 billion people share on its various services. Investors, so far, don't appear worried about that, though.
Shares in the company based in Menlo Park, California, hit an all-time high $245.19 earlier this week and haven't fallen dramatically. The stock closed Thursday at $235.68.
First-Time Feature Directors Make Major Splash At AFI Fest, Generate Oscar Buzz
Two first-time feature directors who are generating Oscar buzz this awards season were front and center this past weekend at AFI Fest in Hollywood. Rachel Morrison, who made history as the first woman nominated for a Best Cinematography Oscar---on the strength of Mudbound in 2018--brought her feature directorial debut, The Fire Inside (Amazon MGM Studios), to the festival on Sunday (10/27), and shared insights into the film during a conversation session immediately following the screening. This came a day after William Goldenberg, an Oscar-winning editor for Argo in 2013, had his initial foray into feature directing, Unstoppable (Amazon MGM Studios), showcased at the AFI proceedings. He too spoke after the screening during a panel discussion. The Fire Inside--which made its world premiere at this year’s Toronto International Film Festival--tells the story of Claressa “T-Rex” Shields (portrayed by Ryan Destiny), a Black boxer from Flint, Mich., who trained to become the first woman in U.S. history to win an Olympic Gold Medal in the sport. She achieved this feat--with the help of coach Jason Crutchfield (Brian Tyree Henry)--only to find that her victory at the Summer Games came with relatively little fanfare and no endorsement deals. So much for the hope that the historic accomplishment would be a ticket out of socioeconomic purgatory for Shields and her family. It seemed like yet another setback in a cycle of adversity throughout Shields’ life but she persevered, going on to win her second Gold Medal at the next Olympics and becoming a champion for gender equality and equitable pay for women in sports. Shields has served as a source of inspiration for woman athletes worldwide--as well as to the community of... Read More