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Facebook Junior, a new platform for children under the age of 13, has launched – and millions have signed up already.

With Facebook’s stock under pressure and revenue streams needing to be strengthened, Facebook has launched a new site that allows children 13 and younger to have their own Facebook profiles, something that was not allowed before,  but happened commonly.

In order to comply with federal law, access for children comes with strict parental oversight.

Over the last two years, Facebook tested access for younger children that would allow them to control their account but would ultimately give responsibility for managing apps and friends requests to their parents.

Already the site is a huge hit, with millions of tweens, toddlers… and even newborns signing up.  “We’ll probably add 50 million children before the end of the year,” said a source close to an employee of the company.

Besides upping its membership count from its current standing of 901 million, the promise of younger members is making investors excited because it will generate  a large amount of revenue.

“Facebook is going embed many ads, targeting kids, on the Junior site,” said one Wall Street analyst.  “There’s nothing more profitable than advertising to kids.”

Parents’ groups are concerned that the Facebook Junior may expose their children to dangerous elements on the internet.  “We will make sure that the internet is a safe experience for all toddlers,” said a source close the company.

By adding younger children, Facebook will  in all likelihood be adding members that have greater interests in its games — and that could present an opportunity for Facebook to charge access to those apps, according to the report.

The federal government has not move in to regulate Facebook Junior – yet.  “Facebook is contributing large amounts of money to both political parties, so they probably will get a pass on  any regulation – for the foreseeable future,” said a source in the Congress.

Happy happy, joy joy… Facebook Junior is here!