Scott Galloway calculates that one NPR article drove 27,000 visits to his "Resist and Unsubscribe" site. Using conservative e-commerce conversion rates, he estimates this single piece of media led to a $6 million loss in market capitalization for large tech companies, demonstrating the tangible financial power of earned media in activism.
The "Resist and Unsubscribe" movement is based on the premise that withdrawing economic participation is the most powerful form of protest in a market-driven society. It's a low-effort way for citizens to exert influence, as markets respond more crisply to shifts in consumer behavior than to ideological arguments.
Activism is more effective when focused on the subscription revenue of tech companies. These firms are highly sensitive to churn, trade on high revenue multiples, and have political influence. This approach amplifies consumer signals far more than general boycotts requiring significant personal sacrifice.
Scott Galloway's "Resist and Unsubscribe" website traffic was declining until he appeared on traditional media outlets. This drove a significant resurgence in visitors, proving legacy media is crucial for amplifying and sustaining digital-native protest movements.
Due to high valuation multiples (8x-20x revenue), subscription-based businesses are exceptionally sensitive to activism. A small loss of subscribers can trigger a disproportionately massive drop in market capitalization, as seen when Netflix lost $50 billion after a minor churn.
Due to massive differences in revenue multiples, consumer spending cuts affect companies differently. A dollar lost by a high-multiple tech company like OpenAI (40x revenue) erases far more market cap than a dollar lost by a low-multiple retailer like Kroger (0.3x revenue). This gives consumers targeted leverage over Big Tech valuations.
Modern administrations, immune to moral outrage but sensitive to market fluctuations, can be influenced by targeted economic strikes. Mass unsubscriptions from major tech platforms can directly impact the stock market, forcing a political response where traditional protests fail.
Scott Galloway's "Resist and Unsubscribe" movement highlights the leverage individual consumers have. Each cancellation directly hits subscription revenues, which the market punishes severely, creating significant market cap loss from a small, individual action.
The real leverage in consumer boycotts is not the direct financial hit from cancellations. It's the media narrative about potential impact that creates pressure on employees, partners, and executives, ultimately forcing a corporate response—as seen when Disney reversed course on Jimmy Kimmel.
Scott Galloway provides a quantifiable breakdown of how a single social media post from a celebrity like Chelsea Handler can trigger thousands of unsubscribes, directly translating into a $1.2 million loss in market capitalization for the targeted companies.
To effectively exert economic pressure, focus on the 'soft tissue' of the economy. A small disruption in the subscription revenue of major tech companies has a disproportionately large impact on their market capitalization and investor sentiment, making it a more potent lever for change than boycotting essential goods.