By now you have likely heard of the Cambridge Analytica data breach from Facebook. Basically, it was determined that Facebook shared many users’ personal and revealing data, as gained through one of their apps. Although Facebook alerted account owners upon logging in if their data was compromised, they also released a new privacy tool.
As a result of this privacy breach and data leak, Mark Zuckerberg, Founder / CEO of Facebook, was called to Capitol Hill last week for a Senate Hearing. It was entertaining to many, as he attempted to explain to older lawmakers how Facebook works, and more importantly how they pay the bills (advertising platform). As Digital Marketers, we know firsthand the benefits offered through Facebook’s precise advertising options. As consumers, it becomes invasive to some (privacy concerns on tracking behavior and usage) and a non-issue for many others. (Gen Y and many Millennials aren’t phases by being digitally watched.)
While Zuckerberg was questioned by the Senate, he hinted at the possibility of a paid service to his platform. This subscription model, with access to limited features remaining free, has been successfully pulled off by YouTube, Spotify and LinkedIn to name a few. Would it work for Facebook?
Ultimately, the ads are generating much more revenue for Facebook than a subscription model likely could … so the question remains if anything will change in the future, or if last week was just a drill to pacify privacy junkies upset because of Cambridge Analytica. If you didn’t realize Facebook was following your every move (especially with app users!) – who really reads those super lengthy T&Cs?? – you’ve been warned.
Stay tuned on our blog and podcast for any changes in the Facebook platform or their advertising options.
