According to a new survey by investment bank Piper Jaffray, millennials are spending more of their time on Snapchat than Facebook.
Piper Jaffray surveyed 10,000 teenagers across the United States and found that Snapchat was the most popular social media app among teenagers.
The results of the survey showed that 80 percent of teenagers said they checked Snapchat at least once per month. Meanwhile, only 52 percent of teens said they checked Facebook once per month, which is a 15 percent drop from last Spring’s survey on teen social media use.
Ultimately, Snapchat is growing year after year. In 2015, 18 percent of teens said Snapchat is their favorite social network. Now, 35 percent of teens say Snapchat is their favorite social network.
Despite the drop in Facebook usage, Instagram is still a popular social media app among teens. 79 percent of teens said they check Instagram at least once per month. This news comes after Instagram released Instagram Stories two months ago and now has over 100 million daily active users are now using the new feature. That is more than two thirds of the daily active user population for Snapchat.
Meanwhile, teens’ usage of Twitter, Pinterest and Google has either dropped or remained relatively low. 56 percent of teens report using Twitter once per month, while Pinterest’s growth among teens has remained at 25 percent.
Three years ago, Facebook offered to buy Snapchat for $3 billion. But, Snapchat CEO Evan Spiegel turned down the Facebook offer. Now, Snapchat’s company Snap Inc. is currently working on a potential initial public offering that could value the social media company at $25 billion.
Snapchat is a social network that is a video and photo messaging application. However, in comparison to Instagram and Facebook, photos and videos shared on the mobile app are short-lived and are automatically deleted after 48 hours. The temporary nature of the photos and videos are reported to encourage more usage and natural interactions among followers and users.
Financially, Snapchat launched their first advertisement in 2014, and in a statement the company said they were interested in providing a different kind of advertising experience, “if we can deliver an experience that’s fun and informative, the way ads used to be, before they got creepy and targeted.”