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Social Media Privacy Concerns Weigh Heavily on $FB

October 15, 2021

Social Media Privacy Concerns Weigh Heavily on $FB

The weight of the Internet in our world is undeniable... and growing. The always-on technology seeps into nearly every element of our daily lives, from our social connections, to our personal finances, to the basic functionality in our homes. Alexa, did you hear what I said? So it's no surprise that consumers are concerned about their online privacy. In fact, 73% of U.S. internet users were more alarmed about their online privacy than they ever had been... in 2019. LikeFolio data shows that consumers are discussing tech privacy at a much higher rate now. Privacy concern mentions have increased +24% higher since 2019.

One of the top concerns for users? How personal data is shared among businesses and social media. 80% of social media users are concerned about businesses accessing the information they share on social platforms. The problem is, this is EXACTLY how social media platforms make money: matching brands with the right consumers to increase sales conversions. While privacy concerns are rising across the board, LikeFolio data shows that not all platforms are created equally.

Not only is Facebook the top mentioned brand alongside privacy concerns, but Facebook-owned Instagram is #2 on the list. On the flipside, look who takes up the smallest piece of the privacy concern pie: Pinterest. This is great news for $PINS. Its entire platform is designed to connect brands with consumers...and according to LikeFolio data, consumers are totally fine with it. It's important to keep an eye on this trend moving forward, especially as Facebook faces an uphill battle in the court of public opinion.

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