Facebook's Targeted Ads Are Drying Up

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There are questions about whether targeted ads can keep delivering the same level of growth for Facebook. Last year, social media companies saw their share prices plummet. Apple made a small but significant change to its iPhone privacy settings. The move alone could cost the company $10 billion in lost ad revenue.

Mark Zuckerberg used advertising to turn Facebook into the first global social media giant, boasting 3bn users around the world. But today there are questions about the business model that has powered it for the past 15 years, and what Zuckerberg’s new focus on building the Metaverse means for the platform that started it all. Elaine Moore speaks to veteran Silicon Valley investor Roger McNamee, one-time advisor to Zuckerberg; writer and researcher Tim Hwang, author of Subprime Attention Crisis; and Steven Levy, editor at large at Wired and author of Facebook: The Inside Story. Meta declined a request for an interview for this episode, but directed us to their Q1 2023 earnings.

Presented by Elaine Moore. Produced by Edwin Lane and Josh Gabert-Doyon, Executive producer is Manuela Saragosa. Sound design by Breen Turner and Samantha Giovinco. Original music by Metaphor Music. The FT’s head of audio is Cheryl Brumley. Special thanks to Hannah Murphy

Clips: Meta, US Senate.

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