Fresh data shows millennials' favorite apps — and it's bad news for Snapchat (SNAP)
Younger millennials may be spending as much as 40 minutes a day on Snapchat, but fresh data shows the scale of the challenge it faces as it looks to grow its user base amid stiff competition from Facebook.
Snapchat, despite being high on the cool quotient, features nowhere on the most essential apps for 18- to 34-year-olds, according to comScore's 2017 US Mobile App Report. Amazon ranks number one, while Facebook (29%) and Instragram (11%) both rank inside the top 10.
comScore
Overall, Facebook and Google together make up the top eight of the top 10 most used apps across age groups, with Snapchat and Pandora rounding out the ranking. Snapchat, with 50%, ranks equal with Instagram.
comScore
It's not all bad for Snapchat. The platform seems to be entrenched firmly in the daily routines of younger millennials below the age of 24, featuring in their top used apps, behind Facebook and ahead of Instagram.
comScore
But Snap has considerable ground to make up among the older age groups. It ranks sixth for those age 25-34, behind Instagram, and it doesn't make an appearance among the top apps for those 35 and older.
Instagram ranks seventh for those aged 35-54. YouTube and Facebook, meanwhile, feature consistently among the top three apps across age groups.
The data follows a tough start to the year for Snap, with the company missing Wall Street estimates for its second quarter performance. The number of daily Snapchat users only increased by 7 million from the first quarter; analysts were expecting that number to go up by 10 million.
The stock is currently trading at around $14.75, down from its IPO price of $17.
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