Has Instagram toppled Facebook and Twitter for the social media throne? A recent survey revealed that teenagers are primarily using Instagram to socialize on the internet instead of using Facebook and Twitter. The survey is conducted twice a year by internet analysts of Piper Jaffray, an investment bank and asset management firm. The respondents consist of approximately 5,000 teenagers from both the upper- and average-income household brackets in the U.S. Aside from social networks, the survey also included information about video games, fashion and Apple products.

The survey results were published in Jaffray's spring 2014 issue released last week, entitled "Taking Stock with Teens." As per the results of the survey, Instagram is the top social network platform among young people, getting a 30 percent vote from the respondents. This is the first time that Instagram has made it to the top.

Gene Munster, the managing director of Piper Jaffray, said that the last six month survey already reflected the decreasing interest of teens on Facebook and Twitter. Facebook had dropped to a 23 percent interest rate from a previous 27 percent while Twitter went from 31 percent interest rate to 27 percent. Instagram, on the other hand, rose from 27 to 30 percent interest in the latest survey.

Approximately 33 percent of teenagers preferred Facebook as their social network platform a year ago. The 4 percent interest rate decline of Facebook in just a short period shows the decreased enthusiasm of teenagers regarding the social media site. Teenagers' preference for Instagram over Facebook and Twitter shows that teens expect to see something new and to have more fun when using a social media site.

Instagram currently has 200 million active users that comprise mostly of teens. With more teens preferring Instagram as their social media platform, Facebook's popularity among the teenage population of the U.S. has dwindled. Altogether not a huge deal when you consider Instagram is owned by Facebook.