Did you know New Harvard Study Calls For Greater Regulation Of Social Media After Companies Generate Over $11 Billion From Targeted Advertising Of Minors
A new study from Harvard
is shedding light on the great need for regulation of social media
after companies in the US managed to generate billions in profit through
targeted ads for minors.
The news is alarming as confirmed in
the report that was published this week as it just goes to show how
minors continue to serve as victims to big tech giants where there are
no checks and balances in place.
This just goes to show how many
apps are failing in terms of self-regulation and therefore need
intervention from external bodies to get the job done right. Moreover,
researchers added how these types of findings give rise to a need for
the government to step in as making money from minors is against the
law.
This included calls for a greater level of transparency to
figure out what’s going on in the tech world and come to the bottom of
it by giving rise to a solution that alleviates harm to both mental
health as well physical health.
To figure out the figures of
revenue, the authors ended up giving out an estimate linked to the
different apps seen online. This included the likes of Twitter,
Facebook, Instagram, Snap, and beyond. This was attained through the US
Census and then some data was taken from eMarketer.
The figures
for advertising revenue and the duration that kids spend online through
every platform were also taken into consideration. The researchers then
spoke about developing a simulation model to figure out advertising
revenue.
Remember, 2023 also saw plenty of lawmakers from various
different states give rise to new laws that curb social media usage
among the youth. This included the great harm that this behavior can
have on their health.
Let’s not forget how tech giant Meta is
under scrutiny after being served lawsuits by 12 different states for
empowering the mental health dilemma.
So many apps today boast
about their wonderful practices for regulation that they carry out
themselves. But what they forget to note is how it drastically impacts
the youth as the companies are more worried about their profits and the
number of financial incentives at stake are plenty so they happen to be
least bothered about it as ruled out in the study.
The apps do not make public how much funds are being earned through minors and that again is so concerning.
But
it must be noted how such apps are not the first to roll out ads to
kids. So many parents as well as advocates have been talking about the
matter for so long. There’s a thin line between what’s acceptable and
what is not and the day these apps realize that would be a big thing.
We’ve already seen a policy paper rolled out in 2020 that mentioned in
detail how kids are so vulnerable and end up being served as easy
targets for these companies to mint money from.
The research
also sheds light on how youngsters who are school-going could recognize
ads but do not know how to avoid them. So when they cannot resist or
cancel, they enter into the trap.
The process is ongoing and
very vicious in nature. We are saying hello to a law that is so old but
yet no one follows it, the study mentioned. And therefore it’s about
time that authorities stepped in and curbed the matter. This is where
the FTC has recently become so active.
Apps like YouTube and
TikTok are leading the pack in terms of generating the greatest profits
as they have the greatest viewership among the youth with Meta following
close behind.
