Youth Revenue Transparency Act

S 5337, the Youth Revenue Transparency Act, requires social media companies with publicly traded securities to annually disclose in shareholder financial statements: (1) gross revenue from users under 21 years old, and (2) total marketing spend targeting this age group. It applies to major platforms like Meta and TikTok that operate digital social networks. The disclosure must appear in proxy materials for annual shareholder meetings. This is the first federal requirement mandating such transparency regarding young users' economic impact on social media companies.