Facebook's Instagram Threads Isn’t Pulling Teens from Snapchat

Facebook's (NASDAQ: FB) Instagram recently launched Threads, a stand-alone messaging app that lets users start individual or group chats. Users can send vanishing photos and short videos, and let the app automatically update their status with messages like "at the gym" or "on the move" without revealing their actual locations.

Threads is clearly aimed at countering Snap's (NYSE: SNAP) Snapchat, Instagram's top competitor in the Gen Z market. That's why Snap's stock dipped when reports about Threads surfaced in late August, and why it fell again after Facebook officially launched the app.

However, recent data from Apptopia indicates that those fears were overblown. The research firm claims that only 220,000 people, or less than 0.1% of Instagram's users, downloaded Threads within the first week.

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Source Fool.com