by Christopher Freeburn | January 10, 2014 11:29 am
On Thursday, media giant Facebook (FB) said that it planned to eliminate a controversial type of advertisement on its website.
Since their debut in 2011, Facebook Sponsored Stories have irked users. Under Facebook Sponsored Stories, advertisers pay to have Facebook users’ interaction with their products tracked and posted in their news feeds, visible to their friends. The social media giant ultimately paid $20 million to settle class action lawsuit over the practice, CNET notes.
Now, it says that Facebook Sponsored Stories will be discontinued on April 9. The demise of Facebook Sponsored Stories was announced in a blog post on Facebook’s website for developers.
Last year, Facebook announced plans to reduce the variety of ad options it offers in a bid to reduce advertiser’s confusion.
In December, Facebook began adding video ads to users’ news feeds.
FB stock gained more than 1% in Friday morning trading. FB stock has more than doubled since June as the social media platform has show an ability to increase ad revenue.
Source URL: https://investorplace.com/2014/01/fb-stock-say-goodbye-troublesome-facebook-sponsored-stories/
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