The future of the social notworking site, Facebook is starting to look bleak, as teens reject it faster than clothing advice from their parents.
Beancounters at Piper Jaffray have been adding up the numbers and dividing by their shoe size and worked out that teens continue to lose interest in Facebook.
Fortunately for the social notworking site they are showing an increasing appetite for Instagram which is owned by Facebook.
Piper Jaffray carries out a semi-annual survey of upper-income and average-income teens in the US. Piper Jaffray’s spring 2014 report Taking Stock With Teens, published Tuesday, surveyed around 5,000 teens, and includes findings spanning fashion, video games, Apple products, and social networks.
Piper Jaffray senior analyst and managing director Gene Munster said that Instagram took the mantle for the most preferred social teen site.
Thirty percent of surveyed teens chose Instagram as their most important social network, making it the top social property for youngsters for the first time in the history of the survey.
Munster said that in the last six months interest level in Facebook went from 27 percent to 23 percent, Twitter 31 percent to 27 percent, Instagram 27 percent to 30 percent.
Just one year ago, Facebook was the preferred social network for roughly 33 percent of teens
The report, then, adds to a mounting pile of evidence suggesting that teens are bored with Facebook.
Instagram, now with 200 million monthly active users, gains in teen popularity, Facebook’s teen-appeal problem appears less dire than before.
Facebook shares closed at $58.19 on Tuesday. The social network has been slowly rebounding on Wall Street. Shares took a hit once news surfaced that Facebook would buy virtual reality technology company Oculus for $2 billion.