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In light of the data privacy scandal, experts believe that the world’s largest social media site, Facebook is set to lose up to $2 billion of its revenue. According to tech analysts, about 3 percent of Facebook’s annual advertising revenue could be at stake because of the scandal, which has raised questions about its handling of user data. Daniel Ives, the chief strategy officer at GBH Insights said that Facebook may feel that lost revenue, which could range from $1 billion to $2 billion, as a result of the revelations made in the Cambridge Analytica scandal, linking Facebook. GBH's Tech Tracker user survey, which monitors the public's sentiments toward Facebook, noted that the company has not suffered overwhelming reputation damage. Ives added, "About 15 percent of users have decided to disengage from the platform due to the scandal.” Ives added that the survey finding is what led to his firm's estimate of Facebook's potential revenue loss. According to Ives, GBH Insights considers that damage to be "contained” for now. During his grilling on Capitol Hill, Facebook CEO Mark Zuckerberg even shared the importance of advertisements to the company's business model. Replying to a question by U.S. Senator Orrin Hatch, on how Facebook's online platform was sustained when "users don't pay for your services,” Zuckerberg said, "We run ads." Earlier this year, in its annual report, Facebook noted, "We generate substantially all of our revenue from selling advertising placements to marketers." Further, Zuckerberg has acknowledged that it is integral that Facebook is affordable for everyone so it can meet its mission of trying "to help connect everyone around the world, and to bring the world closer together." - Read more

Bignewsnetwork | Friday April 13, 2018
Data scandal to cost Facebook 3% of its annual ad revenue