{"text":[[{"start":11.39,"text":"Facebook or Fakebook? "},{"start":13.307,"text":"In the last quarter of 2020 the US social media giant disabled 1.3bn fake accounts — a tally equal to almost half its real monthly active users. "},{"start":22.349,"text":"User accounts are the basis for advertising sales that make up almost all of Facebook’s revenues. "},{"start":27.392,"text":"If a percentage of accounts are fake, advertisers should be demanding a discount. "}],[{"start":32.75,"text":"For the past two years, Facebook has been removing at least 1bn fake accounts each quarter, most as soon as they are created, it claims. "},{"start":41.054,"text":"Despite increasing its headcount by 30 per cent last year, and claiming “the most advanced systems in the world” to address fake accounts that spread misinformation, the problem has lingered. "}],[{"start":50.92,"text":"This figure does not include all inauthentic accounts. "},{"start":54.287,"text":"In filings with the US Securities and Exchange Commission, Facebook acknowledges that up to 5 per cent of the 2.8bn accounts it counts may be false, including bots, and another 11 per cent may be duplicates, a percentage unchanged since the previous year. "},{"start":68.267,"text":"This means more than 448m inauthentic accounts. "},{"start":72.059,"text":"As Facebook moves to increase engagement in emerging markets, the problem could get worse. "},{"start":76.977,"text":"Facebook admits duplicate accounts are “meaningfully higher” in markets like the Philippines and Vietnam. "}],[{"start":83.2,"text":"Sales rose 22 per cent last year but Facebook’s targeted advertising model is under pressure. "},{"start":88.892,"text":"Apple will soon introduce a new feature that will make it easier for users to stop providing third-party data that facilitate personalised ads. "},{"start":96.259,"text":"Facebook expects high opt-out rates. "}],[{"start":99.16,"text":"Yet analysts and investors seemingly skim over the scale of inauthentic accounts. "},{"start":103.702,"text":"Large advertisers are funnelling more money to Facebook amid the general shift to online spending. "}],[{"start":109.92999999999999,"text":"There are two potential repercussions from inauthentic accounts. "},{"start":113.597,"text":"Advertisers could use these to argue for lower rates, slowing revenue growth. "},{"start":118.014,"text":"Facebook could also decide to ramp up spending on fake-busting measures. "},{"start":121.93199999999999,"text":"That would hold back operating margins that have climbed from 34 per cent in 2019 to 38 per cent in 2020. "}],[{"start":129.70999999999998,"text":"Pervasive fakery is just another aspect of big tech that undermines its credibility with politicians, regulators and the public. "}],[{"start":137.51,"text":"Our popular newsletter for premium subscribers Best of Lex is published twice weekly. "},{"start":142.427,"text":"Please sign up here. "}],[{"start":143.78,"text":""}]],"url":"https://creatives.ftacademy.cn/album/36163-1616520783.mp3"}