If you’re wondering why Facebook has been scheming to get higher levels of engagement from preteens, you’ll find Piper Sandler’s latest semiannual teen survey a revelation. Piper talked to 10,000 teenagers across 44 states, average age 15.6 years, about their consumer preferences.
Some 35% cited Snap ’s Snapchat as their favorite social-media network, up from 31% in the survey’s spring edition, expanding its lead on TikTok, which was flat at 30%. Facebook’s Instagram was third, at 22%, down from 24% in the spring and 31% a year earlier. Both Facebook and Twitter are at 2%.
Piper also explored social-media engagement—that is, whether teens used a particular platform over the past month. Instagram won at 81%, down from 84% in the spring. Snapchat’s level fell to 77% from 78% in the spring, while TikTok rose to 73% from 71%. Twitter fell to 38% from 41%, and Facebook, to 27% from 28%.
The survey wasn’t just about social media. Netflix remains a go-to streaming service with 32% of total daily viewing, off from 34% in the spring. YouTube accounts for 30%, down from 32%, Hulu at 8%, Disney+ at 7% (tied with “other”), HBO Max at 4%, and Amazon Prime Video at 3%. Just 6% of teens said they watch cable TV—down from 9% last year.
Which video platform did teens use for remote schooling? Zoom Video , with 67%. Some 87% own an Apple
iPhone, with 88% saying their next phone will be one, too. Apple Watch ownership is at 30%, from 25% a year ago. Some 52% said Amazon.com is their favorite shopping site. Top restaurant chain? Chick-fil-A.
Last Week
Tech Trails Again
Stocks fell as the week began, led by tech, notably Facebook , which was down 4.9% on Monday. Oil rose to its highest level in seven years after OPEC+ said it would stick with production quotas. Stocks dropped on Wednesday, then rose on news of a debt-ceiling deal. Weak job numbers jolted bond yields and tech stocks sagged. On the week, the Dow Jones Industrial Average rose 1.22% to 34,746.71; the S&P 500 gained 0.79% to 4391.42; and the Nasdaq Composite was up 0.09% to 14,579.54.
Peering Over the Cliff
House Democrats negotiated the size of the $3.5 trillion “soft” infrastructure bill, and the Senate tackled the debt ceiling. Republicans threatened a filibuster to force Democrats to use reconciliation, which requires only a majority vote. Under pressure from business, threats to kill the filibuster, and with time running out, Minority Leader Mitch McConnell agreed to extend the debt limit to Dec. 3, which passed on Thursday night. Exhale.
Facebook’s Very Bad Week
A former Facebook product manager claimed the company prioritized profits over controlling misinformation and hate speech. The whistle-blower 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 denied the charges.
Pandora’s Box
A data leak revealed the financial machinations of some of the world’s wealthiest 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 sought emergency-use approval for their vaccine for five- to 11-year-olds. And AstraZeneca applied for approval of its Covid antibody therapy.
Distress in China
Troubled China Evergrande and its $7 billion property-management arm halted trading of their shares in Hong Kong on Monday, claiming a possible bid for the services unit—then remained mum for the week. A rival developer and likely bidder, Hopson Development Holdings , also halted trading. On Tuesday, a midsize property company, Fantasia, missed a bond payment, defaulted, and suspended trading, as distress spread.
Annals of Deal Making
Clayton Dubilier & Rice narrowly beat out Fortress for the U.K.’s Wm. Morrison Supermarkets
…Activist Engine No. 1, hot off its triumph at Exxon Mobil , took a $50 million stake in General Motors
…Private-equity deals for wine-related businesses are up 75% this year.
Write to Eric J. Savitz at [email protected]
