October 11, 2021

Teens love Snapchat and TikTok. Facebook? Except for Instagram, not so much.

Illustration by Elias Stein


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If you are wondering why


Facebook

conspired to achieve higher levels of engagement from tweens, you’ll find Piper Sandler’s latest biannual survey of teens a revelation. Piper spoke to 10,000 teens in 44 states, averaging 15.6 years old, about their drinking preferences.

About 35% cited


Break
‘s

Snapchat as their favorite social media network, up from 31% in the spring edition of the survey, increasing its lead over TikTok, which was stable at 30%. Facebook’s Instagram was third, at 22%, up from 24% in the spring and 31% a year earlier. Facebook and


Twitter

are at 2%.

Piper also explored social media engagement – whether teens have used a particular platform in the past month. Instagram gained 81%, up from 84% in the spring. Snapchat’s level fell to 77% from 78% in the spring, while TikTok fell to 73% from 71%. Twitter fell to 38% from 41% and Facebook to 27% from 28%.

The survey was not just about social media.


Netflix

remains an essential streaming service with 32% of total daily viewing, up from 34% in the spring. YouTube represents 30%, against 32%, Hulu at 8%, Disney + at 7% (tied with “others”), HBO Max at 4% and Amazon Prime Video at 3%. Only 6% of teens reported watching cable TV, up from 9% last year.

What video platform were teens using for distance education?


Zoom video
,

with 67%. Some 87% have a


Apple

iPhone, with 88% of them saying their next phone will be too. Apple Watch ownership is at 30%, up from 25% a year ago. Some 52% said


Amazon.com

is their favorite shopping site. Better chain of restaurants? Chick-fil-A.

Last week

Tech Trails again

Stocks fell earlier in the week, led by technology, particularly


Facebook
,

which was down 4.9% on Monday. Oil hit its highest level in seven years after OPEC + said it would stick to production quotas. Shares fell on Wednesday, then rose on news of a debt ceiling deal. Weak jobs numbers rocked bond yields and tech stocks slumped. The week, the


Dow Jones Industrial Average

increased 1.22% to 34,746.71; the


S&P 500

gained 0.79% to 4,391.42; and the


Nasdaq Composite

increased 0.09% to 14,579.54.

Look over the cliff

House Democrats negotiated the size of the $ 3.5 trillion “soft” infrastructure bill, and the Senate tackled the debt ceiling. Republicans have threatened to filibuster to force Democrats to resort to reconciliation, which only requires a majority vote. Under corporate pressure, threats to kill the filibuster and time is running out, Minority Leader Mitch McConnell has agreed to extend the debt limit until December 3, which passed Thursday night. Exhale.

Facebook’s very bad week

A former Facebook product manager claimed the company prioritizes profits over controlling disinformation and hate speech. The whistleblower leaked documents to the Wall Street Journal, appeared on CBS ‘ 60 minutes, testified before Congress – the day after Facebook platforms suffered a global outage for nearly six hours – and filed complaints with the Securities and Exchange Commission. Facebook has denied the charges.

Pandora’s box

A data breach has exposed the financial machinations of some of the world’s richest people, including autocrats and politicians. The documents, dubbed the Pandora Papers, were leaked to the International Consortium of Investigative Journalists and came from 14 offshore service providers.

New Covid Weapons

Merck said a pill to treat Covid-19 reduced the risk of hospitalization and death in trials. BioNTech and Pfizer have requested approval for emergency use of their vaccine for children aged five to 11. And


AstraZeneca

has sought approval for its Covid antibody therapy.

Distress in China

Struggling China Evergrande and its $ 7 billion property management arm halted trading in their Hong Kong shares on Monday, claiming a possible bid for the services unit, then remained silent for the week. A rival developer and a likely bidder,


Hopson Development Holdings
,

also interrupted the exchanges. On Tuesday, a mid-sized real estate company, Fantasia, missed a bond payment, defaulted and suspended operations, as distress spread.

Annals of negotiation

Clayton Dubilier & Rice narrowly beat Fortress for UK


Wm. Morrison Supermarkets

… Activist Engine No. 1, just out of its triumph at


Exxon Mobil
,

took a $ 50 million stake in


General Motors

… Private equity deals for wine-related companies are up 75% this year.

Write to Eric J. Savitz at [email protected]


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