Teenagers in the U.S. say they watch more videos on YouTube than Netflix, according to a new survey from investment bank Piper Sandler.

Google-owned YouTube accounted for 29.1% of the video consumption time of teens surveyed by the bank, beating Netflix by 28.7% for the first time. Netflix has fallen over two percentage points since the spring, while YouTube has risen nearly a percentage point.

This data point highlights YouTube’s strong position as a free video provider, especially among young people, in the streaming business.

According to Piper Sandler analysts, “we wonder if this is a push or a pull due to changing consumption habits, since YouTube content appears to be improving over time and the streaming industry becomes more competitive.”

Since 2001, Piper Sandler has conducted a survey of American teenagers on their favorite brands, gadgets, snacks, and restaurants. Approximately 9,000 teens, with an average age of just under 16 years old, participated in the survey in September.

Observing how young people spend their money can help investors spot trends in the broader economy, according to some investors.

YouTube and Netflix were the two platforms with the highest daily video consumption. According to the survey, Hulu was in third place with a share around 7%. Time share was gained by both Prime Video and Disney+, according to the analysts. According to the survey, teens spend less time watching cable TV, HBO Max, and Hulu than they did in the spring.

YouTube, Netflix, and TikTok aren’t compared in the Piper Sandler study. As an alternative, the study compares Chinese video platforms with social media apps like Instagram and Snapchat.