Piper Sandler's survey of approximately 6,000 U.S. teens highlighted several key insights regarding social media and technology preferences.
According to the survey results, Instagram has overtaken Snapchat, with Snap (NYSE:SNAP) falling to the third spot among teens' favorite apps.
“The sharp fall-off in engagement is one of the worst sequential results we’ve seen for the app in the Teen Survey,” Piper Sandler analysts said in a note.
Despite this decline, Snapchat still maintains a significant presence, with 69% of teens using the app in spring 2024, down from historical averages around 78%. This marks a decrease of approximately 500 basis points compared to previous surveys.
Moreover, when it comes to teens' favorite apps, Snapchat saw a decrease of around 600 basis points, landing at 22% of teens selecting it as their favorite, indicating a shift in preferences among this demographic.