New York: Young people are still quite hooked to Facebook, the media reported, refuting the popular belief that youngsters are increasingly abandoning the social media giant.
While investors and the media, in 2015, panicked that Facebook would experience a mass exodus of young people, nearly every internet-wielding millennial -- those born after 1980s and now in their 30s -- are still obsessively using Facebook on a regular basis, the report said.
Millennials spend more than 2.5 times as many minutes on Facebook as they do on its closest competitor Snapchat, Recode.net reported on Wednesday.
Facebook still has young people, which explains its market cap of nearly $340 billion, the report stated.
The report is based on data from comScore -- an US-based Internet analytics company, which showed the percentage of 18- to 34-year-old Internet users who frequent each major social network each month. It also showed the time users spend with each service.
Nearly 100 percent of people aged 18 to 34 in US use the social network as of December 2015.
The data also revealed that Facebook users are on the site (or app), on an average for more than 1,000 minutes a month. Snapchat comes second with under 400 minutes.
Moreover, the data showed that people older than 35 love Facebook almost as much as young people do - and they don't care about any other social networks.