The dire cost of misinformation during the cost-of-living crisis

Following the amendments of the Online Safety Bill in March, social media outlets have come under the microscope in the last few months for not imposing enough regulation around misinformation and harmful content on their apps. There has been a constant back and forth regarding how to find the balance between freedom of speech and the risks that come with anyone having access to a platform that reaches billions. An example of this is the rise of internet personalities such as Andrew Tate who was recently banned from TikTok for spreading what was deemed to be misogynistic content.

When it comes to influencers, posting reviews on goods and services which provide exaggerated information or giving out advice despite lacking expertise in these areas, is extremely problematic. Revealing the extent of this issue, value exchange platform Room Unlocked found that 33% of Brits say they have been misinformed on social media by influencers as a result of disingenuous content. Further to this, during a time where the country is enduring a challenging financial period, consumers are more easily susceptible to what they see on their screens, with 60% of Brits say the cash-rich lifestyles of influencers amidst the cost-of-living crisis infuriates them.

With the role of social media influencers expanding at an unprecedented rate, and considering the large audience who are exposed to their promotions, it is essential that businesses begin to prioritise the authenticity of those who represent their brand.

For this reason, Room Unlocked aim to offer a solution to restore trust in this fragmented relationship by providing a marketplace which connects those with a profile to brands offering products and services they genuinely love. After registering with the platform, brands then create a brief with a reward attached – this could be in the form of a product or an experience, which is then advertised to the thousands of influencers who are also signed up to Room Unlocked. From a choice of over 4,000 opportunities, influencers can then contact the relevant brand and offer to share the product or experience on social media, simply in return for receiving it. This is an exchange free of transactional fees, meaning influencers only post the things they are actually interested in using and the subsequent content they post is more genuine.

Alex Payne, co-founder of The Room, comments:

“If social media was an organic playground at the start – the place we occupied to be informed, challenged, amused and entertained – brands spotting the opportunity turned it into an advertising channel, awash with #ads and #spons. Audiences have lost interest, faith and belief in over-commercialised feeds.

“But truth and authenticity are more valuable than they ever have been, whether that is news, politics, advertising or influencer marketing. Trust is now a non-negotiable, and for brands to be chosen by influential people and to be spoken about purely out of love, need or interest is the holy grail.”