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|Subject: Boycotting works: Google, YouTube action over extremist ads slams shares Thu Mar 23, 2017 4:53 pm|| |
|An advertising boycott of Google's video service YouTube has slashed billions from parent company Alphabet's market cap.|
Shares of GOOGL have fallen nearly 4% since Friday after major advertisers began pulling marketing campaigns from YouTube and Google after learning their brands may have appeared alongside videos promoting terrorism and other offensive content.
Advertisers including AT&T, Verizon, Johnson & Johnson, GSK and Enterprise Holdings said this week they would halt all ad spending on Google except for search ads. That means those ads will no longer run on YouTube or the two million websites that take part in Google's ad network.
In all, more than 250 organizations including the British government, Toyota and McDonald’s have stopped advertising on YouTube in the U.K., according to The Times, whose investigation triggered the boycott.
The growing boycott could cost Google hundreds of millions in ad sales.
Alphabet executive chairman Eric Schmidt tried to tamp down on the controversy Thursday, telling FOX Business Network's Maria Bartiromo that Google had tightened its policies and increased oversight of ads.
Asked whether Google can ensure that ads won't be placed next to "hate" content, Schmidt said: "We can't guarantee it but we can get pretty close."
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