The UK Advertising Standards Authority's action follows complaints it upheld relating to Instagram stories.
Tech giants would be subject to fines for unacceptable behaviour and market abuse.
Multimedia campaign is billed as a 'love letter' to UK creators.
Cost will apply to media spend on Google Ads rather than demand-side platform DV360.
Music-sharing venture's catalogue will be used to create audio and visual music experience.
Gambling, alcohol, e-cigarettes and HFSS ads were found on media popular with children by the ASA operation.
Top news, insights and analysis every weekday
Sign up for Campaign Bulletins