More than a third of the world's population uses Facebook on a monthly basis, but the company's hold is now fading among teenagers and young adults in the U.S.

A new report by research firm eMarketer reveals Mark Zuckerberg's company is losing share to Snapchat and Instagram among the pivotal 12-to-17 and 18-to-24 year-old audiences.

"Both platforms have found success with this demographic, since they are more aligned with how they communicate--that is, using visual content," said eMarketer analyst Oscar Orozco in a statement.

EMarketer predicts that both Snapchat and Instagram--the latter of which is owned by Facebook--will see double-digit user growth this year. Evan Spiegel's Snapchat will take the lead in terms of total users for that age group. As for the teens and 'tweens who opt to remain on Facebook, their engagement levels are dropping. They are logging in with less frequency and spending less time on the platform, notes the study.

Another troubling sign for the social-media behemoth is that younger audiences are choosing to skip Facebook entirely, Orozco says. He calls them the Facebook-nevers.

Of course, as Instagram's parent company, Facebook likely isn't too bothered by this news. It will still be able to capture ad dollars from the photo-sharing platform's growing user base. Instagram has seen its growth explode since it introduced Snapchat-clone features at the end of 2016. According to the study, Instagram usage will increase by 23.8 percent in 2017, a higher rate than previously anticipated.

By contrast, researchers expect Snapchat's share of the U.S. social network market will expand to 40.8 percent.

Published on: Aug 22, 2017