We all know what the first thing millennials world over do after waking up. Check their smartphones. Apparently, the first thing they check on their smartphones is Snapchat. Facebook, Instagram, and Whatsapp can wait their turn.
In a poll licensed by LendEDU, a US-based marketplace for private student loans and student loan refinancing, it asked 9,381 college students one question: “You open your phone and have a notification badge on Instagram, Facebook, Snapchat, and LinkedIn...which do you click first?”
Fifty-eight percent of college students check Snapchat over Facebook, Instagram, and LinkedIn combined. Instagram accounted for 27 percent, Facebook for 13 percent, and LinkedIn for two percent, or a total of 42 percent.
Snap Inc., the parent company of messaging app Snapchat, has been the toast on Wall Street since it went public on March 2 this year. Snap raised $3.4 billion in its IPO without exercising the ‘green shoe’ option, which is an extra allotment that allows underwriters to buy up to 15 percent of company shares at the offering price. The company sold 200 million shares at $17 each for $3.4 billion.
“Checking Snapchat has become a ritualistic occurrence for most millennials, a demographic coveted by nearly every single company in existence today,” LendEDU said. According to them, “This is a huge selling point that Snap can make to companies thinking about advertising through Snapchat. Consumers are more than four times more likely to open a push notification from Snapchat than they are from Facebook. When Facebook is substituted for Instagram, users are still two times more likely to open a Snapchat notification.”
Considering both the quickening pace and shortening attention span of modern society, companies will have a much higher chance at successfully advertising their products with Snapchat than with any other social media outlet, LendEDU said in a statement.
In comparison to Snap's 158 million active users, Facebook boasts 1.8 billion monthly active users, while Twitter has about 319 million monthly active users. The report states, "Since almost all of their revenue stems from advertising, user growth will be critical to Snap."
Snapchat users are aged 18-to-34 years old, and on an average, these users visit the app 18 times a day for a combined 25 to 30 minutes. Users younger than 25 visit the application more than 20 times a day for more than 30 minutes.