Social media platforms lost $9.85 billion due to Apple’s privacy policy changes

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 01, 2021, 8:52 AM UTC

Businesses must devise a new revenue stream that does not rely on tracking consumers' iPhones.

Changes to Apple’s privacy policy cost Snapchat, Facebook, Twitter, and YouTube $9.85 billion, according to a Financial Times report. When Apple introduced the App Tracking Transparency (ATT) policy in 2020, Facebook was the biggest critic, running a full-page newspaper ad in response.

Due to its vast size, Facebook lost money "in absolute terms" as compared to other social platforms. Because Snap's advertising is primarily related to smartphones and the company doesn't have a desktop version, it "fared the worst”, as per the report.

Adtech consultant Eric Seufert said Facebook had to rebuild their machinery from the ground up. Apple's new privacy policy will push social networks and other apps to be more creative with their advertising, contends the author.

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