The primary functions of protest are to publicly signal that a situation is not normal and to act as an incubator for building practical infrastructure, like the carpooling network during the Montgomery bus boycott. It is a gateway to organized, sustained action, not just a performative measure.
To be effective rather than just morally 'right,' activism should target the 'jugular' of a system. This means focusing on a small number of companies with outsized economic influence and vulnerability, rather than a broad list of all complicit actors, to maximize impact.
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.
Research shows boycotts rarely cause significant stock price declines. Their primary power lies in generating media attention, which pressures corporate leaders to change behavior to protect the company's reputation, rather than its immediate shareholder value.