The general belief around our office? Snapchat is dead. I happen to remain an avid user of Snapchat (I’ve yet to post an Instagram story), but as of late it seemed that Snapchat was on a fast decline. In the first quarter of this year, the app reported its slowest user growth rate ever, and stock shares fell 15%. It was looking grim for the just 6-year old app (for comparison, we’ve had Facebook for almost 15 years and Twitter for 12).
To be fair, the app still pulls in 191 million daily active users. But Instagram stories, it’s biggest competitor, is double that at 400 million daily active users. Facebook stories (honestly the worst in my opinion) is catching up at 150 million. So, what’s next for the app that created the original disappearing picture/video message?
Well, things might be looking up. Every year, Condé Nast and Goldman Sachs release the Love List Brand Affinity Index, an annual research study that examines shifts in Millennial and Gen Z purchase motivation and shopping preferences. Millennials are currently the most influential retail demographic, but Gen Z is expected to quickly surpass them with their $44 billion in buying power. The 2018 index was just released, and the findings bode well for the little ghost.
The study asked participants, “What apps are you using today that you were not using much several months ago?” Amazon, unsurprisingly as they strive for global conquest, took the top spot. But right behind it? Snapchat—ranking above Instagram, Pinterest, and Twitter.
Did you notice what’s not on the list? That’s right, Facebook. If anything is dead, it’s probably that app. After all, 44% of millennials have deleted the app in the past year. Ouch.
Check out the full 2018 Love List Brand Affinity Index to see what the youths are into these days.