Snap may have turned off investors, but its core app is winning over one key group – American teenagers.
Even as the social networking company’s stock has slumped as the company has fallen shy of Wall Street’s expectations, its app has been gaining traction with young consumers. As you can see from this chart by Statista, which is based on the results of Piper Jaffray’s bi-annual “Taking Stock With Teens” survey, Snapchat is now the most popular social networking service among the teen set by far.
That’s quite an accomplishment, particularly given the increasing competition from Facebook-owned Instagram, which has repeatedly rolled out features that mimic Snapchat’s. Earlier this year, Instagram launched Stories, a copycat of one of Snapchat’s signature feature. By April, more people were using Instagram Stories on a daily basis than Snapchat.
- Mike Nudelman/Business Insider