Summary: Facebook weathered the worst of the Cambridge Analytica data storm and actually increased usage, according to figures cited by Goldman Sachs. The #deleteFacebook backlash never really arrived as Millennials are just too much in love with Facebook.
Millennialls were supposed to be the generation that holds brand accountable, but it seems that applies only if the brands don’t interfere with their online lifestyles. Not only are they not holding Facebook accountable, they’re actually increasing usage of the social site. According to Business Insider “The findings, coupled with a full recovery in Facebook’s share price, completely undercut other research, which suggested that people’s trust in Facebook has nosedived since mid-March, when whistleblower Christopher Wylie first helped reveal that 87 million users had their data compromised by Cambridge Analytica”.
The whole idea of holding brands accountable for screw ups only applies to brands who don’t have great equity positions. Apple, for example, is still printing money despite a growing storm around keyboard failures on Mac Book Pro’s and a number of problems with the new iPhone X. In addition, Apple has deliberately kept profits offshore to avoid paying US taxes and refuses to be transparent on the data it collects about users of its devices.
Right about now the people who work at Facebook are drinking expensive beverages as they toast to the addicted users of social media. They feel invulnerable to mistakes and it’s almost a certainty that there will be more screw ups in the future, but, hey, don’t take away my Facebook!
