Just over a year ago, Facebook Inc FB's Instagram launched its version of Snap Inc SNAP's Snapchat Stories.
Seamless implementation of the feature on Instagram’s platform, a much larger existing user base (700 million users), easier discoverability of content and profiles, and marketer’s familiarity with Facebook/Instagram’s native advertising has, in effect, given Snap some grief.
A year-long study by MediaKix examined the usage trends of top social media influencers on both Instagram Stories and Snapchat. Because influencers look to create content on platforms capturing the most audience, they can be excellent indicators for social media usage and trends on a broader scale.
The MediaKix study found that Snapchat usage has declined. Within the first six months of the of the Instagram Stories initial launch, the most well-known Snapchat influencers were using Instagram Stories 25 percent more than Snapchat Stories, averaging 5.3 Stories a day on Snapchat and 6.6 Stories a day on Instagram.
A year after Instagram Stories was launched, Snapchat Stories use has dropped 33 percent more among top influencers. Concurrently, Instagram Stories usage grew 14 percent. Snapchat influencers are now using Instagram Stories more than 50 percent more than Snapchat Stories, averaging 7.6 Stories a day on Instagram (vs. 3.5 Stories a day on Snapchat).
Snap admits these faults itself. Pre-IPO, Snap mentions that it has been negatively impacted by unnamed copycats in its S1 Filing.
In its first earnings, Snap reported slowing download growth. Less than one-year after Instagram Stories’ launch, the number of daily active users on Snap Stories had been surpassed by that of Instagram Stories.
To combat a fall in Stories, Snap is finding other ways to generate revenue. In addition to developing hardware with Snap’s Spectacles, the company has been courting media companies to produce original shows on its platform. Most importantly, Snap is finally pursuing influencers with verification tools and discovery options. After all, influencer entertainment and content is a large part of what drives digital, social, and mobile audiences.
Related Links: Snapchat Rules With Teens, Poll Finds
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