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Facebook Apps Helped EU Firms Generate 208 bn Euros in Sales

The study also found that female-founded businesses, in particular, credit social media with helping them to start and grow their businesses

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The social media application, Facebook is displayed on Apple's App Store, July 30, 2019. VOA

Facebook apps have helped businesses in the European Union (EU) generate sales corresponding to an estimated 208 billion euros last year – resulting in nearly 3.1 million jobs, the social networking giant said in a new report.

According to Facebook, around 25 million businesses in the European Union, mostly small businesses, are using its services each month.

“Businesses said that using Facebook apps helped them generate an estimated 98 billion euros in exports last year. Of these exports, 58 billion euros are sales within the EU and 40 billion euros are sales to the rest of the world,” Nicola Mendelsohn, Vice-President for Europe, Middle East and Africa at Facebook, said on Monday.

To understand the true extent of Facebook’s impact on the European economy, the company commissioned a study by Copenhagen Economics, one of the leading economic firms in Europe. The study surveyed over 7,700 businesses across all industries and sizes in 15 countries.

“This shows the critical role social media plays in driving sales for businesses across Europe. This is particularly true for small and medium sized businesses,” Mendelsohn added.

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The Facebook mobile app on an Android smartphone. Wikimedia Commons

Six in 10 companies said Facebook apps are important in lowering marketing costs and a similar number said Facebook apps are important in improving customer service.

“Six in 10 businesses using Facebook apps report them as helpful to enter markets, and 7 in 10 businesses using Facebook apps are exporting to other countries compared to 5 in 10 non-users,” the report mentioned.

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The study also found that female-founded businesses, in particular, credit social media with helping them to start and grow their businesses.

“Fifty-eight per cent of female-founded businesses surveyed said that Facebook apps are important for enabling them to start businesses, while 65 per cent said it helped grow their revenue,” said the report. (IANS)

Next Story

Facebook Files Lawsuit Against Data Analytics Firm For Using User’s Data

Facebook sues data analytics firm for harvesting users' data

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Facebook has filed a federal lawsuit in California court against New Jersey-based data analytics firm OneAudience for secretly harvesting its users' data. Pixabay

Stung by the Cambridge Analytica scandal, Facebook has filed a federal lawsuit in California court against New Jersey-based data analytics firm OneAudience for secretly harvesting its users’ data.

According to the lawsuit, OneAudience improperly accessed and collected user data from Facebook and other social media companies by paying App developers to install a malicious Software Development Kit (SDK) in their apps.

“After a user installed one of these apps on their device, the malicious SDK enabled OneAudience to collect information about the user from their device and their Facebook, Google, or Twitter accounts, in instances where the user logged into the app using those accounts,” read the lawsuit. Security researchers first flagged OneAudience’s behaviour to Facebook as part of its data abuse bounty programme.

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According to the lawsuit, OneAudience improperly accessed and collected user data from Facebook and other social media companies. Pixabay

Facebook, and other affected companies, then took enforcement measures against OneAudience.

“Facebook’s measures included disabling apps, sending the company a cease and desist letter, and requesting their participation in an audit, as required by our policies. OneAudience declined to cooperate,” said Jessica Romero, Director of Platform Enforcement and Litigation. “This is the latest in our efforts to protect people and increase accountability of those who abuse the technology industry and users,” she added.

In November last year, Facebook and Twitter admitted that data of hundreds of users was improperly accessed by some third-party apps on Google Play Store as they logged into those apps.

Security researchers discovered that the One Audience and Mobiburn software development kits (SDK) provided access to users’ data, including email addresses, usernames, and recent tweets, on both the platforms.

Twitter and Facebook said they will notify those whose information was likely shared through apps.

Facebook has sued several third-party platforms in the recent past for scrapping users’ data, including Israeli surveillance vendor NSO Group that sells malicious software Pegasus to government agencies.

Also Read- Drivers of Expensive Cars More Dangerous to Pedestrians

“Through these lawsuits, we will continue sending a message to people trying to abuse our services that Facebook is serious about enforcing our policies, including requiring developers to cooperate with us during an investigation, and advance the state of the law when it comes to data misuse and privacy,” said the company. (IANS)