Although long considered the most important social media network, a new report from American investment bank Piper Jaffray shows that Facebook’s popularity is fading fast among the important teen market.
According to the bank’s 26th semi-annual market research report Taking Stock with Teens, Twitter has overtaken Facebook as the social media network that is most important to teenagers. 26% of respondents named Twitter as their “most important” social site while 23% said Facebook was most important to them, down from a high of 42% a year ago.
Worldwide, Facebook claims to have over one billion users, dwarfing that of Twitter. In the all-important US market, Twitter had 49 million active users on average during the second quarter of this year. In comparison, Facebook had 198 million users on average in the same period. However, if the report from Piper Jaffray is to be believed, those figures could reverse dramatically over the coming years.
Despite the growing popularity of Twitter, it remains a social media platform that a surprising number of people and businesses are uncomfortable with, at least for a slightly ‘older’ generation. Many people still don’t ‘get’ Twitter in the same way they understand and use other social networks such as Facebook and people tend to either love the site or not at all. However, the research from Piper Jaffray would appear to suggest that Twitter is a social platform that businesses can no longer afford to ignore.
Nevertheless, Twitter shouldn’t become too complacent either. The report also claims that Instagram has rocketed in popularity with teens. 23% said Facebook-owned Instagram was their No.1 choice, up from just 12% a year ago, suggesting Facebook was wise to acquire the site in 2012 as a backstop against losing younger users to competing, simpler networks.