The stock of Snap Inc (NYSE:SNAP) closed at $15.98 gaining 11.51% in yesterday’s trading session. Piper Jaffray recently conducted a survey which concluded that Snapchat had become the favorite media platform among teens. It goes without saying that indeed this group forms a key demographic for tech.
About 47% of the interviewed persons preferred Snapchat. That is a higher percentage compared to Instagram which had 24% and Facebook Inc (NASDAQ:FB) which had 9%.The ones lagging behind were Twitter Inc (NYSE:TWTR) and Pinterest which had 7% and 1% respectively.
The growing interest on Snapchat among teens is giving the platform an added over the rest. In 2015, Snapchat was preferred by 11% of teens but that eventually shot up and at the moment it stands at 46% in terms of the key demographic.
Market analysts have said that Snapchat has succeeded in stealing from Twitter’s market share. Both Instagram and Facebook have declined in terms of the market share. Piper Jaffray has pointed to Snap as the only one that has succeeded at winning over a large number of teens since the Spring of 2015.
The passage of time is witnessing both Facebook and Instagram copy so much from Snapchat.The social media companies have been coping the exciting features associated with Snap. Piper Jaffray has given its statement outlining that indeed the move by the companies haven’t significantly impacted Snapchat user engagement.
The survey conducted by Piper Jaffray has also indicated that 90% of Snapchat’s user base also uses Instagram.
Piper Jaffray stated, “close to 60% of teens responded that Instagram was a good platform to reach them with advertising. Email came in second, and Snapchat a distant third, with about 45% of respondents saying it was a good platform to reach them on.”
Business competition around the globe is growing wild by the day. It is a reality that has been facing almost each and every vibrant company in the market. Facebook and Twitter have been laying down strategies to help them catch up with Snap.