By Senad Karaahmetovic
ByteDance’s TikTok remains the favorite social platform for Gen Z, according to Piper Sandler’s latest survey.
The Chinese social media giant topped the list with a 37% share, down by 1% compared to the Fall of 2022. Snap (NYSE:SNAP) is second on the list with a 27% share (down from 30%) while Instagram is the third most popular app with a share of 23% (up from the prior 20%).
“We find TikTok’s decline in leadership as encouraging and a testament to product improvements at META. We view a combination of (1) improving CPMs, (2) share gain versus TikTok, and (3) focus on cost efficiency as positive drivers for the stock,” the analysts wrote in a note.
Elsewhere, 68% of teens said they are using Spotify (NYSE:SPOT) with 44% paying for the company’s services. 31% of survey respondents said they watch Netflix (NASDAQ:NFLX) on a daily basis, down 1% from the last survey. Similarly, YouTube’s share fell by 100 basis points to 28%.
As much as 87% of teens own an iPhone with 88% expecting an iPhone to be their next phone. Every third teen said they own an Apple (NASDAQ:AAPL) Watch.
Both metrics “are near record highs for our survey,” the analysts added.
“We believe the elevated penetration and intention are important given the mature premium smartphone market. Additionally, these trends are encouraging as the company continues to introduce new iPhones, proves the overall stickiness of the product portfolio. We think these positive trends can also be a catalyst for further services growth as well, as the install base for Apple hardware continues to grow.”