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US Social Media Companies Made $11bn In Ad Revenue From Minors: Harvard
A recent study reported that social media companies made more than $11 billion in advertising revenue from minors in the United States last year. The Harvard T.H. Chan School of Public Health published the report on Wednesday.
According to the researchers, there is a need for government regulation on social media platforms. This is because the companies that are making money from children who use their platforms have meaningfully failed in terms of self-regulation.
The researchers further argued that regulations and greater transparency from these tech companies are the need of the moment. These can further help alleviate the harm to the youth when it comes to mental health. Apart from that, they can curtail potentially harmful advertising practices that target both children and adolescents.
According to USNews.com, ?Researchers and lawmakers have long focused on the negative effects stemming from social media platforms, whose personally-tailored algorithms can drive children towards excessive use. This year, lawmakers in states like New York and Utah introduced or passed legislation that would curb social media use among kids, citing harms to youth mental health and other concerns.?
Many states also sued Meta, the owner of Facebook, Instagram, and Threads. The states accuse Meta of contributing to the mental health crisis of many.
Bryn Austin, a Social and Behavioral science professor at Harvard, said that despite claims, social media platforms are yet to self-regulate their platforms. He also added that there are huge financial incentives to continue the delay regarding the protection of children. The social media platforms also do not publicly report how much money they make from minors.
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