Brands wasted $54m on digital ads in Q3, almost half on Facebook, audit claims

Brands wasted $54 million in digital advertising spend between July and September, almost half on Facebook, a study of marketing spend has claimed.

Analysis of 67 companies found the retail sector was the biggest culprit, investing $15 million on advertising that failed to work, according to auditing platform Prometheus.

Prometheus, launched in May by Melbourne-based digital agency Next & Co, said too many brands are simply investing in the wrong places.