What you need to know about Facebook's new terms of service

In 2017, Facebook generated earnings from continuing operations of $15.9 billion on revenue of $40.7 billion, 98% of which came from advertising. "You can always see the "interests" assigned to you in your ad preferences, and if you want, remove them", Goldman said.

Hard question: "Am I the product?" However, what investors should really focus on are any details that highlight the cost and revenue impact of all the changes that Facebook is initiating in order to make the platform more secure and increase its acceptability to regulators.

The social media website also revealed how third-party advertisers interact with user data and the extent of what data is shared with others.

If you're not selling advertisers my data, what are you giving them? Furthermore, Facebook's real goal, as a for-profit publicly traded company is to make money not give you access to digital content or help you make connections.

Goldman tried to explain why Facebook needs to store so much personal data about users, arguing that it was how the social media company researches to "give you a better service".

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The new policy is more than 4100 words, and it clears up some of the questions we all have about where Facebook gets the information is has about us.

"We sell advertisers space on Facebook - much like TV or radio or newspapers do", the company said without going into the fact that TV, radio or newspapers do not have access to personal and often intimate information of their subscribers that Facebook has access to. That's because Facebook does a lot of different things - it's a social network operator, and an ad sales company, and a hardware manufacturer (to name just a few). But Facebook does sell your data, anonymized and in pieces. Facebook had switched the setting off for users in the European Union back in 2012 to ensure it did not run afoul of the region's privacy laws, and has indicated that its approach will be to ask each individual EU user to turn the setting on.

"For example, we can show you photos from your closest friends at the top of your News Feed, or show you articles about issues that matter most to you, or suggest groups that you might want to join", the post added. And it lets advertisers reach the right people, including millions of small businesses and non-profits who rely on Facebook every day to reach people that might be interested in their product or cause.

What if I don't want my data used to show me ads? Also, the information sent by websites and apps that people use is taken into consideration. You can remove yourself from interests under "Interests" and categories under "Your Categories". This, it is said, is due to the ability by Facebook to offer extremely targeted ads towards specific audiences thanks to... you guessed it.data! But the promise of digital advertising is that it can show you ads for products, services, and causes that may actually be of interest to you.

  • Darren Santiago