Last month, Meta said it earned 97 percent of its revenue, or $28.3 billion, by selling ad space in the most recent quarter. Most of the advertising industry is either already in business with the company or hopes to be, usually by placing ads on its platforms or placing ads for Facebook, Instagram, WhatsApp and Messenger on other platforms. The situation underscores Madison Avenue’s codependence on Meta. Winning the Meta account offered agencies access to the social media behemoth’s deep pockets and sizable influence. Meta shelled out nearly $3.6 billion on marketing and sales in the most recent quarter, 32 percent more than a year earlier.
Meta made the change after a seven-month review, during which it came under intense public scrutiny from damaging revelations about its business practices and its apps’ effects on teenagers, fueled by the whistle-blower Frances Haugen, a former employee.Įven as the social platform grappled with the scandals, major ad companies presented pitches for what would be an especially high-profile client. The decision does not affect Meta’s creative strategy. The global agency, which replaces the social network’s previous media partners, Dentsu and Mindshare, also recently won business from the beauty retailer Clarins and the automaker Toyota. Spark Foundry, owned by the French ad giant Publicis, will handle “strategic thought leadership, media innovation, planning and investment, cross-channel approaches, tools, tech and operations,” Lisa Stratton, a spokeswoman for Meta, said in an email. The so-called media review - the first for Meta, the new parent company name for Facebook and its sister apps Instagram, WhatsApp and Messenger - concluded on Tuesday when it chose the Spark Foundry agency as its new global planning and buying partner. Since the spring, the social media company formerly known as Facebook has been evaluating where it advertises and how much it spends doing so, taking pitches from agencies that want to help manage its enormous marketing budget.
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