Facebook advertising rates fell during the last few months as coronavirus caused a drop in demand for the social network’s ad inventory.
Cost per mille (CPM) fell 15% to 20% during March 2020 compared to February, according to a report by The Wall Street Journal.
Facebook CPMs fell 25% during the same time across Wpromote. The digital marketing agency deals with $130 million in ad spending annually on the network.
Meanwhile, marketing firm 4C Insights noted that during the first three months of the year CPMs fell 20% across social media channels such as Instagram, Facebook and Twitter.
Facebook has been trying to make up for lost ad dollars by ramping up its efforts to promote live sporting events.