Meta’s $18 Billion Settlement: A Wake-Up Call for Social Media or the Cost of Doing Business? | Analysis
From requiring YouTube and TikTok to adopt the same measures to an independent auditor, the deal shakes up social media. But is it enough? The post Meta’s $18 Billion Settlement: A Wake-Up Call for Social Media or the Cost of Doing Business? | Analysis appeared first on TheWrap .
Facebook's parent company Meta recently settled a lawsuit filed by 52 attorneys general across the United States and territories, agreeing to pay $18 billion to address claims that the social media platforms are addictive for children. The settlement comes after a trial that was compared to the tobacco industry's 1990s case. Meta will pay $12.7 billion (70%) over 10 years, while the remaining $5.3 billion (30%) will only be released if both YouTube and TikTok agree to implement similar changes and pay a combined $5.3 billion.
The changes introduced by Meta include a two-hour daily time limit, turning off app access at night, no notifications during school hours, and clear prompts for teens every 15 minutes of continuous screen time. Parents will also have increased supervision controls over their teenagers' app usage. While the settlement may be seen as a positive step towards safer social media for children, experts remain skeptical about whether it will bring about meaningful change or if it is merely a "wake-up call" for other platforms to follow suit.
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