Canada To Cut Advertising Spending On Facebook and Instagram Amid News Block Controversy
Portfolio Pulse from Benzinga Neuro
Canada's Heritage Minister, Pablo Rodriguez, announced plans to halt government advertising spending on Facebook and Instagram, platforms owned by Meta Platforms Inc. (NASDAQ:META). This decision comes in response to Meta and Alphabet Inc's Google (NASDAQ:GOOGL) signaling their intention to block Canadian news content in response to the new Online News Act. The move is expected to significantly impact Meta's advertising revenue.
July 06, 2023 | 1:12 am
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Alphabet Inc's Google, along with Meta, has signaled its intention to block Canadian news content in response to the new Online News Act.
Google's decision to block Canadian news content could potentially lead to regulatory backlash and impact its operations in Canada.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Meta Platforms Inc. is expected to face a significant financial impact due to Canada's decision to halt government advertising spending on Facebook and Instagram.
As Meta derives a substantial portion of its revenue from advertising, the decision by the Canadian government to halt advertising spending on its platforms is likely to have a significant financial impact on the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100