Feature or bug 🥺


But when he checked the platform that day, he found that Meta had blown through roughly 75 percent of the daily ad budgets for both clients in under a couple of hours.

Williams told The Verge that the ads’ CPMs, or cost per impressions, were roughly 10 times higher than normal. A usual CPM of under $28 had inflated to roughly $250, way above the industry average. 

That would have been bad enough if the revenue earned from those ads wasn’t nearly zero. If you’re not a marketer, this might feel like spending a week’s worth of grocery money on a prime cut of wagyu at a steakhouse, only for the waiter to return with a floppy slider.

The Verge spoke to several marketers and businesses that advertise on Meta’s platforms who tell a similar story. Meta’s automated ad platform has been blowing through budgets and failing to deliver sales. 

Small businesses have seen their ad dollars get wiped out and wasted as a result, and some have said the bouts of overspending are driving them from Meta’s platforms.

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