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An anonymous reader quotes a report from the Associated Press: Social media companies collectively made over $11 billion in U.S. advertising revenue from minors last year, according to a study from the Harvard T.H. Chan School of Public Health published on Wednesday. The researchers say the findings show a need for government regulation of social media since the companies that stand to make money from children who use their platforms have failed to meaningfully self-regulate. They note such regulations, as well as greater transparency from tech companies, could help alleviate harms to youth mental health and curtail potentially harmful advertising practices that target children and adolescents. To come up with the revenue figure, the researchers estimated the number of users under 18 on Facebook, Instagram, Snapchat, TikTok, X (formerly Twitter) and YouTube in 2022 based on population data from the U.S. Census and survey data from Common Sense Media and Pew Research. They then used data from research firm eMarketer, now called Insider Intelligence, and Qustodio, a parental control app, to estimate each platform's U.S. ad revenue in 2022 and the time children spent per day on each platform. After that, the researchers said they built a simulation model using the data to estimate how much ad revenue the platforms earned from minors in the U.S. The platforms themselves don't make public how much money they earn from minors. [...] According to the Harvard study, YouTube derived the greatest ad revenue from users 12 and under ($959.1 million), followed by Instagram ($801.1 million) and Facebook ($137.2 million). Instagram, meanwhile, derived the greatest ad revenue from users aged 13-17 ($4 billion), followed by TikTok ($2 billion) and YouTube ($1.2 billion). The researchers also estimate that Snapchat derived the greatest share of its overall 2022 ad revenue from users under 18 (41%), followed by TikTok (35%), YouTube (27%), and Instagram (16%). "As concerns about youth mental health grow, more and more policymakers are trying to introduce legislation to curtail social media platform practices that may drive depression, anxiety, and disordered eating in young people," said senior author Bryn Austin, professor in the Department of Social and Behavioral Sciences. "Although social media platforms may claim that they can self-regulate their practices to reduce the harms to young people, they have yet to do so, and our study suggests they have overwhelming financial incentives to continue to delay taking meaningful steps to protect children."

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