Facebook and others see evaporating advertising revenues the second half of the year

Facebook, Snap, Twitter and YouTube lose nearly $10bn after iPhone privacy changes

Patrick McGee, writing at the Financial Times:

Apple’s decision to change the privacy settings of iPhones caused an estimated $9.85bn of revenues to evaporate in the second half of this year at Snap, Facebook, Twitter and YouTube, as their advertising businesses were shaken by the new rules.

Apple introduced its App Tracking Transparency policy in April, which forced apps to ask for permission before they tracked the behaviour of users to serve them personalised ads.

Most users have opted out, leaving advertisers in the dark about how to target them. Advertisers have responded by cutting back their spending at Snap, Facebook, Twitter and YouTube and diverted their budgets elsewhere:

Here’s proof that we consumers do not want to be tracked by you. So stop it already!

Since that’s not likely to happen, governments should ban the collection of personal data and the sale of advertising and other products based on it. Do your fucking job Congress.