Facebook Gears Up for a Worldwide Media Assessment
In a significant move, social media giant Facebook is currently reviewing its media buying and planning business. The review, which is taking place across all of Facebook's properties, was confirmed to Adweek in a recent statement.
The statement did not specify the reason for the review, but it's estimated that Facebook has spent $650 million on media, suggesting a potential need for a more strategic approach moving forward. The review is likely to impact Facebook's media strategy significantly.
It's unclear if Facebook has previously reviewed this aspect of its business. However, it's worth noting that the company has partnered with top agency talent across its brand portfolio and expanded its agency roster approximately two years ago.
In an effort to find the best alignment with its media needs for 2021 and beyond, Facebook has invited multiple holding companies to participate in the review process. The review process is being managed by management consultancy ID Comms.
The search results do not provide information about why Facebook previously did not review its media buying and planning department. Regardless, the current review is set to reshape Facebook's media strategy, with implications for the future of the social media behemoth.
The sources for this information are not specified, adding an element of uncertainty to the situation. Nonetheless, the news of the review has sparked interest and speculation within the advertising industry, as Facebook continues to play a significant role in the digital advertising landscape.
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