Despite Snapchat beefing up its platform with new filters and a possible new gaming hub, a majority of advertisers are drawn to Facebook’s Instagram. New Data from financial services firm Cowen (reported on by Business Insider) found that buyers are spending less money than expected on the app and that their clients overwhelmingly prefer Instagram.
According to the survey, 47 percent of respondents indicated that they spent less on video ads on Snap than originally expected. The ad buyers surveyed ranked Snap eight out of nine possible choices in terms of quality content found on the app. Additionally, the overwhelming majority of ad buyers indicated that their clients prefer to advertise on Instagram Stories (90 percent) over Snapchat Stories (percent).
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BI notes that the survey consisted of only 70 ad buyers, so it’s possible the findings don’t fully reflect broader market sentiment. However, the new data falls in line with a prior survey conducted by Media Radar that showed the stark difference in the number of advertisers attracted to each of the “big three” (Snapchat, Instagram, and Facebook) social media platforms. Between November 2017 and January 2018, the company found that just 397 brands bought video ads on Snapchat Discover channels — a small number when compared to Facebook, which has more than 5 million advertisers; Twitter, which reported having 130,000 advertisers at the end of 2015; and Instagram, which has over half a million advertisers.
But it’s not all bad news for Snapchat. According to research carried out by Pew Research Center, the platform is one of the most frequently used platforms among Gen-Zers agers 13-17. Pew surveyed 743 US teens that fell into the age bracket mentioned above and out of those surveyed 35 percent said they used Snapchat most often, followed by YouTube (32 percent), Instagram (15 percent), Facebook (10 percent), Twitter (3 percent), Reddit (1 percent), and Tumblr (less than 1 Percent).