An investigation by The Financial Times found that Snapchat, Facebook, Twitter, and YouTube lost around $9.85 billion in revenue following Apple’s changes to its privacy practices. Last year, Apple announced the App Tracking Transparency (ATT) policy that requires apps to ask permission to track users’ data. The policy went into effect in April, barring apps from tracking users if they opt out.
Facebook notably criticized the move with a full-page newspaper ad, and thanks to the FT’s report, now we know why company leaders were so frustrated. According to the report, Facebook lost the most money “in absolute terms” when compared to other social platforms due to its massive size. Meanwhile, Snap “fared the worst as a percentage of its business” because its advertising is mainly tied to smartphones, which makes sense for a product that doesn’t have a desktop version.