YouTube still dominates the video landscape as a key a destination for entertainment, but a new report shows that Facebook’s Watch is quickly gaining traction, especially among younger generations.
A new report from Morgan Stanley found that 40% of U.S. Facebook users use Watch weekly and 40% of people using the video platform on a daily basis are 16-34, compared with 24% of all Facebook users who access Watch daily. Additionally, approximately 60% of those who use Facebook three or more hours per day said they use Watch on a weekly basis.
This is great news for Facebook who launched the platform late last summer. Since its launch, the social media giant has stacked the platform with hundreds of shows, many being funded by Facebook which was armed with $1billion content budget.
The survey also found that roughly 75% of Facebook Watch users are viewing videos under 20 minutes weekly, while nearly 50% view long-form content (20 minutes or more).
While this report sheds light onto Facebook’s ability to drive adoption of new products, it also shows that Watch may be the next key long-term driver of Facebook engagement and monetization.
However, YouTube still “remains the online video leader,” a Morgan Stanley analysts wrote in the report.
And as Facebook tightens its grip among younger users, a new report from Google shows that Youtube has a strong hold over GenX. According to data released this morning, Gen X alone accounts for over 1.5B of YouTubes views every day.
According to the report, most of GenX visits the site to watch videos related to past events or people, while 68% use the platform to stay on top of news and pop culture. Out of those who use the platform to stay on top current events and pop culture, a majority of them are doing so to “stay in the know about their children’s world.”