Millennial Entrepreneurs Favor Facebook

Snapchat has dominated the headlines recently with its IPO, but Facebook is assiduously copying every major feature of the rival platform, and still enjoys a big lead in terms of time spent, at least among entrepreneurial millennials.

That’s according to a new survey of 1,332 candidates for Forbes’ “30 Under 30” feature, which showcases young movers and shakers from the worlds of business, finance and investment.

Asked which social media platform they spend the most time on, 28% of the Forbes' “30 Under 30” candidates said Facebook, followed by Instagram (also owned by Facebook) at 25%, Twitter at 23%, and LinkedIn at 17%. Snapchat lagged behind, with just 6% saying it takes up the most of their time.

Social media is also one of the most important sources of news from these up-and-coming millennials, with 61% saying the often get news from social media, versus 70% for news sites.

Smaller proportions said they get news from apps and email, at 26% each, while just 24% get their news from print newspapers or magazines, and 19% from TV news.



General trust in news media is declining, however: the proportion of respondents who said they trust major news organizations tumbled from 85% in 2016 to 65% in 2017.

In terms of content choices, the Forbes candidates were most likely to share business-related content, at 51%, followed by personal photos and experiences at 48%, news at 47%, and humor at 35%.

Asked about their mobile consumption habits, 61% said they use mobile to read short articles, 60% to listen to music, 53% to watch video clips, 50% to read longer-form articles, and 36% to listen to podcasts.

Focusing on video consumption across different devices, 45% of respondents said they are most likely to watch video on mobile, just ahead of desktops or laptops, at 44%.

News was the most popular category of video, watched by 64% of respondents, followed by viral videos at 45% and in-depth interviews at 40%. 35% of those surveyed said they watch video from friends and family, while 23% watch live streams of events, product reviews, and tutorials.

On the brand front, most respondents said they are likely to recommend products at least occasionally, with 36% doing so sometimes, 28% often, and 16% very frequently.
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