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October 24, 2013 AT 12:14 PM
Twitter has overtaken Facebook as the social media network that is most important to teens, according to Piper Jaffray's semi-annual teen market research report. Twitter is the new king of teens, with 26% naming it as their "most important" social site. Only 23% said Facebook was most important, down from a high of 42%. But Twitter should not become complacent, the report suggests. That's because Instagram has rocketed in popularity with teens. 23% said Facebook-owned Instagram was their No.1 choice, up from 12% a year ago.