Teens spend more than half of their daily video consumption on just two apps, according to data from investment firm Piper Sandler's biannual survey.
What Happened: The survey reveals that American teens are now spending 57.8% of their daily video viewing time on just two apps – Alphabet Inc.'s GOOG GOOGL YouTube, and Netflix Inc. NFLX.
YouTube has also managed to pull ahead of Netflix, with a 29.1% share, while Netflix is a close second at 28.7%.
While YouTube gained a 1 %-point market share, rising from 28.1% since spring, Netflix lost 2.2% points during the same period. Coincidentally, both YouTube and Netflix have increased their subscription prices, but Netflix seems to have declined while YouTube gained.
The survey also revealed a decline in time spent on cable TV, HBO Max, and Hulu compared to spring, while Amazon’s Prime Video and Disney+ both saw an increase in timeshare.
Why It Matters: The survey results come at a time when both Netflix and YouTube have hiked their subscription prices.
The price hike announcement by YouTube was made in seven countries, following a similar increase in the US in July.
Netflix also raised its subscription prices for certain streaming plans in the US, UK, and France, coinciding with a surge in new customer sign-ups.
The changing preference among teens could indicate the shifts in the video streaming industry. Netflix' password sharing crackdown is also likely to have played a role in its decline and YouTube's rise.
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