Several social networking sites like Facebook, Twitter, Snapchat, and YouTube boast that they have a huge number of people who keep watching advertisements and videos on their websites.
Though digital advertising is the latest trend, yet media planners and buyers are not completely comfortable with this medium. The aspects of digital advertising that is reason enough to worry are the click frauds, the viewability i.e. if the advertisements can be viewed properly or not, and the increasing number of viewers who are blocking the ads across various devices. The digital advertisers are also concerned that advertising over Facebook is not as effective as it was supposed to be.
The social network on Friday apologized for having overestimated the average time which they were getting for viewing videos on the website, including the advertisements. Apparently, this revelation from Facebook comes after the company confessed on its Advertiser Help Center that it had low numbers as it used only the views which lasted for more than three seconds. However, the social network has promised that it would fix the issue soon by incorporating latest measurement metrics.
This is not a small glitch which could be sidelined thinking it to be a miscalculation on the part of the tech giant. According to Wall Street Journal, Facebook had overestimated the total numbers to be around 60 percent to 80 percent. The buyers are obviously very angry about the misinterpretation. The current numbers, which had led the planners to make faulty decisions based on wrong numbers, indicate that advertising on the Facebook site is not as effective as it seemed to appear.
Apology from Facebook – Is it the Solution
Facebook had apologized for it inflated numbers of advertisement viewing metrics. However, this apology is not likely to pacify the media people. Many executives of the marketing and business partnerships have reported that the metric should reflect the total time that is spent watching a video which is divided by the total number of people who have viewed the video. Unfortunately, it did not. Facebook’s competitors who were looking for different ways to create a rift in between the social media networking giant and the advertisers might now look forward to exploiting this video metrics blooper.
Despite these reservations, the marketers will have very little or no choice but to keep spending on the digital way of advertising their products and services with the hope of reaching the consumers directly who spend more time using the social media, especially on the mobile devices. An advertiser can make use of a profitable niches list to plan well before starting the ad campaign.
This revelation about Facebook has created an impression amongst several executives at the Madison Avenue that the huge online social platforms are all unaccountable ‘walled gardens’ which assign very less information about how much media or advertisements are being consumed on their platforms.
This news holds a lot of significance to the companies’ right from the traditional publishers to the TV networks, which are competing with Facebook for the ad dollars. According to eMarketer, the US mobile market for advertisements is worth a $46 billion and Facebook has gained a lot of momentum in this business by owning almost 22% of the shares. The company’s revenue from its mobile ads has jumped by almost 80% in the last quarter alone.
For Some, It Hardly Matters
Even though the video metrics of Facebook has caused a lot of confusion and goofed-up the tech giant’s reliability with the media people. There are still a few ad executives in the group who have played down the company’s faux pas by saying that the metrics will not have any material impact on the marketers who spend on advertisements.
An advertisement buyer said that Facebook might not feel the need to offer money or credits to the advertisers because the team purchases the Facebook video advertisements based on the number of impressions that have been guaranteed instead of the duration of time for how long the video was viewed.
However, the ad executive also added that after this mess up of Facebook video metrics the biggest issues right now for the clients is to be able to take the right decisions about allocating their budgets in between the different channels.