The pandemic has spotlighted issues around consumer privacy and the need for social media platforms to collect data so companies can deliver greater personalization in advertising and services.
As Google and Apple roll out changes in how consumer data is collected and shared, what will the future hold for social media platforms at large, and how will this affect advertisers and their brands?
The morality of social media companies has long been debated. How much data should these companies be allowed to collect, and in what capacity should they be allowed to use that data? What kind of responsibility should social media companies have over content being shared on their platforms? And how much influence should the likes of Facebook be allowed to have in shaping public opinion? While these questions are not new, they have certainly been exacerbated by the pandemic.
“If a better value exchange with consumers does not materialize, the advertising revenue-based business model of social media platforms will be called into question. As ecosystems mature, they often hit a stage where old business models don’t quite make sense anymore, but newer models have yet to emerge.”
Highlights in this R3 report:
The solution to privacy concerns and the regulation of data usage rights