Since its debut in 2010, Instagram has accrued an impressive 300 million daily users. But with the ascendancy of 4-year-old Snapchat, which now boasts 150 million fans and counting, Instagram is looking over its shoulder. Their fierce rivalry for the hearts and minds of millennials and Gen Z touched off in late summer when Facebook-owned Instagram added disappearing stories to the mix, clearly mimicking a feature that's been key to Snapchat's success since day one.
"There's no denying that Instagram's functionality has moved in a Snapchatty direction," noted Topher Burns, group director, product innovation at Deep Focus. Andy Amendola, director of digital strategy at The Community, said that the Instagram stories element lets social media users "get the best of both worlds."
With digital revenue soaring, a billion-dollar question looms large: Which is the hotter platform and where should ad dollars go? Adweek commissioned a survey from Survata that asked 511 Instagram and Snapchat users ages 13-34 how they feel about the apps and their impressions of the ads. Here, the results: