According to analysts at Piper Sandler, usage of Meta Platforms (NASDAQ:META) Facebook Blue is the highest in four years.
The firm said, in its note covering consumer internet stocks, that FB Blue monthly usage has improved four points to 32%, the highest in four years.
Meanwhile, according to Piper Sandler's teen survey, 35% of teens voted TikTok as their favorite app, remaining at number one but down 300bps from Fall 2023.
Overall, the average daily hours spent on Social media ticked up again to 4.7 hours from 4.5 in Fall 2023 and 4.4 hours prior.
TikTok remained the second most used app at 74%, according to Piper Sandler. However, it declined ~200bps from Fall 2023. Meanwhile, Snapchat moved 500bps lower to 69% in Spring 2024, also below the historical average of 78%. PINS usage peaked again at 36%, up from 35% and BeReal usage has fallen again from the peak in Fall 2022.
The firm views new ad products, new advertiser tools, and share gains as positive drivers for the stock.