A recent report from The Financial Times revealed that social media companies such as Facebook, Snapchat, Twitter and YouTube have lost an estimated $9.85 billion in revenue.
This comes after Apple made major changes to its privacy practices by introducing the App Privacy Report feature.
Last year, Apple announced its App Tracking Transparency (ATT) policy that requires app developers to ask users for permission what information they want to access and share with other apps.
This policy also went into effect in April, which prohibits apps from tracking users if they choose not to allow it.
Facebook also criticized Apple's move by placing full-page ads in a number of newspapers because of restrictions on the app's ability to collect data from mobile phone users targeted for their ads.
Facebook's concerns are true, as a result of Apple's new policy, Facebook is the company that has lost the most money or lost as much as USD 8.3 billion in the second second quarter of 2021.
“Some of the most impacted platforms – but especially Facebook – had to rebuild their engines from scratch as a result of ATT,” adtech consultant Eric Seufert told FT.
"My belief is that it takes at least a year to build new infrastructure. New tools and frameworks need to be developed from scratch, and tested extensively before deploying to multiple users." he continued.
Apple's new policy will force social platforms and other apps to be more creative with their ads
