In an age where new technologies impact us with unprecedented speed and magnitude, and where digital media form an integral and increasingly prominent part of our daily lives, the effect on individual and collective welfare cannot be an afterthought. This chapter introduces the Wellbeing Compass and the critical role of Digital Wellbeing in the discourse on AI ethics, moving beyond abstract ethical principles to address a more comprehensive spectrum of responsibilities faced by technology developers and economic actors in a society increasingly mediated by technology. Drawing from interdisciplinary research in AI ethics, Positive Psychology, and Digital Wellbeing, this chapter proposes a procedural approach to integrating wellbeing considerations throughout the entire lifecycle of technological development and innovation. We will demonstrate how grounding the discussion of AI ethics in the tangible domain of Digital Wellbeing can advance a more comprehensive, sustainable, and humanity-centered approach to technological development. This shift has the potential not only to bridge the current gap between principles and practice but also to present actionable starting points for creating technologies that actively benefit humanity and contribute to individual and collective welfare.