Snapchat is facing some serious competition from Instagram, and so far, Instagram is winning.
Snapchat's stock reached an all-time low this week after Instagram released user stats for its Stories feature.
Instagram's report came on the one-year launch anniversary of Instagram Stories. The feature allows users to upload images or video that later disappear. It's almost an exact replica of Snapchat's story feature.
The month Instagram Stories was released, Snap downloads fell to their lowest point all year. It looked like excitement over a new platform, but it didn't die down.
By November 2016, unique views per Snapchat story decreased by about 40 percent, according to a social analytics report. Instagram Stories now boasts 250 million daily users — that's almost 100 million more than Snapchat.
Snapchat is gaining users, but the growth is slow and that's scaring investors.
Multiple reports say Instagram's already established presence in the social media world just makes it easier and more convenient to use. Plus, some feel Snapchat isn't as user friendly.
In January, Snapchat reached about 40 percent of people aged 18-34 on a daily basis, according to stats by Omnicore. So, while the platform may not be as popular as it once was, it's probably safe to say that it's far from irrelevant.