Teenagers Like Snapchat and TikTok. Fb? Aside from Instagram, Not So A lot.

Illustration by Elias Stein

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When you wonder why

Facebook

Has tried to achieve higher levels of youth engagement, you will find Piper Sandler’s latest semi-annual teen survey a revelation. Piper spoke to 10,000 teenagers in 44 states, with an average age of 15.6 years, about their consumer preferences.

About 35% cited

Snap
‘S

Snapchat, as their social media network of choice, up from 31% in the spring poll, extended its lead over TikTok, which was 30%. Facebook’s Instagram was in third place with 22%, after 24% in the spring and 31% in the previous year. Both Facebook and

Twitter

are around 2%.

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

The survey wasn’t just about social media.

Netflix

remains the streaming service of choice with 32% of total daily television consumption compared to 34% in the spring. YouTube accounts for 30% versus 32%, Hulu for 8%, Disney + for 7% (combined with “Other”), HBO Max for 4% and Amazon Prime Video for 3%. Only 6% of teenagers said they watched cable TV – up from 9% last year.

Which video platforms did young people use for distance learning?

Zoom video
,

with 67%. About 87% own one

Apple

iPhone, with 88% saying their next phone will be one too. Apple Watch ownership is 30%, down from 25% a year ago. About 52% said

Amazon.com

is her favorite shopping site. Top restaurant chain? Chick-fil-A.

Last week

Tech trails again

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

Facebook
,

that was down 4.9% on Monday. Oil rose to its highest level in seven years after OPEC + announced that it would hold on to production quotas. Shares fell on Wednesday and then rose on news of a debt cover deal. Weak digit numbers rocked bond yields and technology stocks fell. The week that


Dow Jones industry average

increased 1.22% to 34,746.71; the


S&P 500

gained 0.79% to 4391.42; and the


Nasdaq composite

rose by 0.09% to 14,579.54.

View over the cliff

House Democrats negotiated the $ 3.5 trillion “soft” infrastructure bill, and the Senate tackled the debt ceiling. The Republicans threatened a filibuster to force the Democrats into a reconciliation that only required a majority. Under pressure from business, threats to kill the filibuster, and in a short time, minority leader Mitch McConnell agreed to extend the debt ceiling until December 3, which was 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 whistleblower leaked documents to the Wall Street Journal, appeared in CBS ’60 Minutes, testified before Congress – the day after Facebook platforms were down for nearly six hours worldwide – and filed complaints with the Securities and Exchange Commission. Facebook denied the allegations.

Pandora’s box

A data leak exposed the financial machinations of some of the richest people in the world, including autocrats and politicians. The documents, known as 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 used to treat Covid-19 has reduced the risk of hospitalizations and death in studies. BioNTech and Pfizer filed for emergency approval for their vaccine for five to eleven year olds. and

AstraZeneca

applied for approval of his Covid antibody therapy.

Need in China

Troubled China Evergrande and its $ 7 billion property management arm stopped trading their shares in Hong Kong on Monday, demanding a possible offer for the service unit – and then stayed mum for the week. A competing developer and likely bidder,

Hopson development holdings
,

also ceased trading. On Tuesday, a midsize real estate company, Fantasia, missed a bond payment, defaulted, and suspended trading as the hardship spread.

Annals of Deal-Making

Clayton Dubilier & Rice narrowly defeated Fortress for Great Britain

Wm. Morrison supermarkets

… Activist Engine No. 1, hot for their triumph

Exxon Mobil
,

accepted a portion of $ 50 million

General Motors

… private equity deals for wine companies are up 75% this year.

Write to Eric J. Savitz at eric.savitz@barrons.com

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