Meta is arguably the biggest social media company on the planet. With Facebook and Instagram in its portfolio, the company holds a monopoly on attention. However, that monopoly recently took a major financial hit. Meta has agreed to an $18 billion settlement in a legal battle over the addictive nature of its platforms.
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"This is a significant victory for families across the country, for parents, for children. For those who are suffering in silence, and those who are suffering in public," Rob Bonta, the Attorney General of California, said in a statement, via The BBC.
Bonta then continued by noting how the settlement will help protect children online, especially their mental health.
"This is a major breakthrough, a milestone moment, a watershed moment," he added. "Because when it comes to protecting our children's mental health, there is no time to lose."
The settlement will lead to a range of protections for social media users under the age of 18. However, before anything can be put into place, plans must receive judicial approval. Meta has stated that the majority of forthcoming changes will remain in place for 10 years. Some limits are expected to feature restricted nighttime access, parental controls, and screen time limits.
Meta has since called on both TikTok and YouTube to also play their part by implementing the same restrictions on their platforms.
30% of Meta's Settlement Will Have Conditions
While Meta's settlement is enormous, 30% of it reportedly comes with some conditions. According to the BBC, that 30% will only become payable if TikTok and YouTube implement the same restrictions on their platforms.
"States that participated in the lawsuit will receive approximately 70%, about $12.7bn (£9.3bn) of the funds over the decade," The BBC reported. "The remaining 30% will be released only after two specific conditions are met."
Those conditions are then listed as TikTok and YouTube implementing a one-hour daily limit, night mode, and age assurances. And that YouTube and TikTok pay an amount matching 30% of their settlement.
With so much money riding on a widespread agreement, authorities will undoubtedly begin putting pressure on the other giants of the social media world. Whether things play out according to plan will remain to be seen, though.
