Market Landscape Review

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Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 1 of 20 AMENDED Exhibit 24 PLAINTIFFS' OMNIBUS OPPOSITION TO DEFENDANTS' MOTIONS FOR SUMMARY JUDGMENT Case No.: 4:22-md-03047-YGR MDL No. 3047 In Re: Social Media Adolescent Addiction/Personal Injury Products Liability Litigation 4/5/24, 3:00 PM Case 4:22-md-03047-YGR MB@cumenti2756d6ct Refiiled 02/20/26place Page 2 of 20 MK & Youth Platform Product Reviews Add people *** Closed group. 129 members. Summaries of the MK Leads Reviews with sl... See more Posts Files Topics Search group... Robert Chen (PM) is with August 10, 2018 Market Landscape Review - Aug 9 (fka Competitive Landscape Review) We discussed Snapchat, long term retention, and lifetime value. SNAPCHAT Please see the update linked. I did not repost here because it was posted separately In about two months, Instagram IOS TSS will exceed Facebook's IOS TSS (according to MINT) • Open questions • Impact of SC redesign of redesign • GDPR on SC • How is SC tracking versus IG for tweens; Michael Shore on point LONG TERM RETENTION "The young ones are the best ones" Work by and Robert Chen Earlier in life you sign up for FB (e.g., age 13 versus age 18), the higher your long term retention Earlier in time you sign up for FB (e.g., 2010 vs 2016), the higher your long term retention The difference in long term retention can be dramatic, with the people who signed up for Facebook when they were young teens being 100% higher than those who joined FB as young adults We also discussed various hypotheses for the results we see. See slides for details https://fb.workplace.com/groups/104473690195205/permalink/243424269633479/ HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 88 1/4 METAMAAG-007-00000102 ΜΕΤΑ3047MDL-027-00000106 4/5/24, 3:00 PM Case 4:22-md-03047-YGR MB@cumenti2756d6ct Refiiled 02/20/26place Page 3 of 20 Next steps: • Check # of people in each cohort • See if we can do the same thing for Instagram • Get descriptive statistics for each cohort LIFETIME VALUE The LTV work plugs in retention figures from the retention work above Because the difference in retention for people who join as teens is so much greater than those who join later in life, preliminary results suggest that LTV for people who join FB as teens is significantly higher Next steps • Refine model • Connect with finance to validate https://fb.workplace.com/groups/104473690195205/permalink/243424269633479/ HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 2/4 METAMAAG-007-00000103 ΜΕΤΑ3047MDL-027-00000107 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 4 of 20 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) METAMAAG-007-00000104 ΜΕΤΑ3047MDL-027-00000108 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 5 of 20 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) METAMAAG-007-00000105 ΜΕΤΑ3047MDL-027-00000109 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 6 of 20 CONFIDENTIAL Market Landscape Review August 9, 2018 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) Rob Chen MARKET STRATEGY fburl.com/ms METAMAAG-007-00000106 META3047MDL-027-00000110 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 7 of 20 Snapchat Update Agenda Long-term Retention Initial Findings HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) Lifetime Value Framing METAMAAG-007-00000107 META3047MDL-027-00000111 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 8 of 20 Snapchat Update (See Workplace Post) METAMAAG-007-00000108 META3047MDL-027-00000112 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 9 of 20 Long-term Retention Initial Findings HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) METAMAAG-007-00000109 META3047MDL-027-00000113 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 10 of 20 What is "long-term retention" and why do we care? 1 2 Long-term Retention tells us how active people are on Facebook over very long time periods (e.g., years) We care because it: • Advances the "generational" thesis by understanding differences between cohorts • Makes the case for why teens are important for Facebook and how important they are relative to other age groups • Informs our lifetime value calculation which then in turn informs M&A, partnerships, marketing, and more Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 5 METAMAAG-007-00000110 META3047MDL-027-00000114 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 11 of 20 Findings thus far (PRELIMINARY) 1 The younger you are when you join Facebook (e.g., for year of birth 1999, if you join when you are 13 compared to 18), the higher your long term retention is 2 3 The more recently you were born (e.g., year 2001 instead of 1991), the higher your long term retention The earlier you joined Facebook (e.g., 2009 instead of 2015), the higher your long term retention HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 6 METAMAAG-007-00000111 META3047MDL-027-00000115 100 75 50 25 1 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 12 of 20 The younger you are when you join Facebook (e.g., for year of birth 1999, if you join when you are 13 compared to 18), the higher your long term retention is 18 Year of Birth = 1999, MAP_28 10 11 12 13 14 15 17 16 1000 1250 1500 1750 2000 2250 2500 2750 3000 3250 14 retention_percent 13 retention_percent 16 retention_percent 15 retention_percent 18 retention_percent 0 250 500 750 12 retention_percent 17 retention_percent 11 retention_percent 10 retention_percent Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 7 METAMAAG-007-00000112 META3047MDL-027-00000116 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 13 of 20 Hypotheses for why this happens 1 2 3 People who join Facebook when they are young are predisposed to using social media People who join Facebook when they are young are more likely to stick with that social media platform People who joined when they were young tended to join altogether with their relevant network Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 8 METAMAAG-007-00000113 META3047MDL-027-00000117 100 2 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 14 of 20 The more recently you were born (e.g., year 2001 instead of 1991), the higher your long term retention* Confirmation year = 2016, MAP_28 2005 75 2004 2003 50 2002 2001 25 1987, 0 50 100 150 200 250 300 350 400 450 500 550 600 650 1989, Source: Market Strategy Analysis FB Age in Days *Pattern changes once you get to people who are not teens 1994, 1998, 1991 9 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) METAMAAG-007-00000114 META3047MDL-027-00000118 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 15 of 20 Hypotheses for why this happens 1 2 People born more recently naturally use technology and social media at higher rates than people born earlier There is a bias in the people who were born recently and joined Facebook frequently Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 10 METAMAAG-007-00000115 META3047MDL-027-00000119 3 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 16 of 20 The earlier you joined Facebook (e.g., 2009 instead of 2015), the higher your long term retention Retention Percent Ages 13-24 at Registration, DAP 100 90 80 70 60 50 40 30 20 10 Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 2011 2004 2005 2006 2007 2008 2009 2010 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Fb Age In Days 11 METAMAAG-007-00000116 META3047MDL-027-00000120 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 17 of 20 Hypotheses for why this happens 1 2 Earlier on, there were fewer competitors, but now competition is fierce, giving people many other options besides FB and also reducing people's attachment to FB The quality of users joining Facebook now are lower quality than they were before Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 12 METAMAAG-007-00000117 META3047MDL-027-00000121 HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 18 of 20 Lifetime Value METAMAAG-007-00000118 META3047MDL-027-00000122 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 19 of 20 Lifetime Value Key Variables 1 ARPU by Age 2 Retention by Age an User Joins FB 2 WACC (cost of capital) = 10% Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 14 METAMAAG-007-00000119 META3047MDL-027-00000123 Case 4:22-md-03047-YGR Document 2756-6 Filed 02/20/26 Page 20 of 20 Very Preliminary LTV Findings • Acquiring people when they are young (e.g., 13) results in the highest lifetime value because their long-term retention is the highest when they are young • Retention overpowers the fact that ARPU is lower for young people • Retention overpowers the fact that future revenue is discounted • However, we have a bit of a correlation issue • People who join Facebook at a young age are different from people who don't join Facebook at a young age • How might we adjust for this? Source: Market Strategy Analysis HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL (COMPETITOR) 15 METAMAAG-007-00000120 META3047MDL-027-00000124