Guinness maker Diageo has pulled all advertising globally from social media platforms including Facebook, Twitter and Instagram.
The maker of huge brands, including Bailey’s, Gordon’s gin, Smirnoff vodka and Johnny Walker whiskey joins a growing revolt of big brand advertisers against the failure of social media platforms to control the publication of hateful and misleading content.
On Friday Coca Cola, Levi Jeans and Unilever all pulled advertising from some or all social media platforms.
Diageo said it will pause all paid advertising globally on major social media platforms from July 1st, but the company left the door open to returning if the social media platforms respond.
“Diageo strives to promote inclusion and diversity, including through our marketing campaigns. From 1 July we will pause all paid advertising globally on major social media platforms. We will continue to discuss with media partners how they will deal with unacceptable content,” the company said.
Even so, the backlash from some of the world’s biggest advertisers and brands that like Coca Cola, Levi’s and Guinness, that have defined the advertising landscape, is a major challenge to Facebook in particular.
Facebook shares plunged 8.3pc on Friday as the advertising boycott gathered pace, wiping out a staggering $56bn in the paper value of shares.
Facebook founder and CEO Mark Zuckerberg addressed the issues raised by advertisers in a question-and-answer session with employees on Friday where he announced some changes to the company's ad and content policies.
The company has weathered previous pressures over content and its use of user data.