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Teens overwhelmingly prefer Snapchat to any other social media platform, according to Piper Jaffray's 34th semi-annual Teens research survey. Forty-seven percent of teens indicated that Snapchat is their favorite social platform, while only 24% of teens indicated Instagram was their favorite platform.

Expand chart
Data: Piper Jaffray, The Taking Stock With Teens survey; Note: Survey of 6,100 teens with an average age of 16 years; Chart: Andrew Witherspoon / Axios

Why it matters: Investors were initially bearish on Snapchat after Instagram launched a rival "Stories" feature, which put a dent in Snap's user growth. But now Snapchat is proving that its focus on engagement over scale can lead to more opportunities for advertisers. A recent analysis by MarketingLand shows that advertisers have more opportunities to reach 13- to 17-year-olds with ads on Snapchat than they do on rival properties, like Facebook or Instagram.

One philosophical thing: Snapchat is focused on connecting people with their top 5-8 closest connections. Facebook COO Sheryl Sandberg told Axios' Mike Allen last week that their strategy is the exact opposite. Facebook connects people to their "weak ties," or people they aren't close to, Sandberg said.

Go deeper

6 mins ago - Sports

American Katie Ledecky wins Olympic gold in women's 800m freestyle

Photo: François-Xavier Marit/AFP via Getty Images

American superstar swimmer Katie Ledecky grabbed her second gold medal of this year's Olympic Games, winning the women's 800-meter freestyle race Saturday in Tokyo.

Driving the news: Ledecky, who holds the world record in the 800m freestyle, is considered one of the best women swimmers of all time. Earlier this week, she snagged gold in the first-ever women's 1500m freestyle and took home silver medals in the 400m freestyle and the 4x2100m freestyle relay.

17 mins ago - Sports

Simone Biles won't compete in individual vault or uneven bars Olympic finals

Photo: Fred Lee via Getty Images

Simone Biles will not compete in the individual vault or uneven bars finals at the Tokyo Olympics, USA Gymnastics announced Friday.

Why it matters: Biles drew global attention after stepping out of the individual all-around and team finals to prioritize her mental health. It's unclear if she will compete in the balance beam or floor exercise events.

19 mins ago - Sports

Caeleb Dressel breaks world record in men's 100m butterfly, wins 3rd gold in Tokyo

Photo: Jean Catuffe/Getty Images

American swimmer Caeleb Dressel broke the world record in the men's 100-meter butterfly final in Tokyo on Saturday, picking up his third gold medal of this year's Games.

The big picture: Hungary's Kristóf Milák won the silver, and Switzerland's Noe Ponti took the bronze.