Snapchat Hits No. 1 In App Store Downloads For May

Snapchat has hit a new milestone. The social media app is more popular than ever, hitting the No. 1 spot for iOS downloads in the app store in May, surpassing Apple Inc. (NASDAQ: AAPL)'s iTunes for the top spot.

Snapchat surpassing Facebook Inc (NASDAQ: FB) in the app store sparks the question of whether or not it poses a viable threat to Facebook moving forward. A recent analyst note from SunTrust reaffirms the long-term threat to Facebook.

"Investors should realize that Snapchat is already a large and well-capitalized platform that is evolving robustly and could be a threat to other social platforms long-term," said analyst Bob Peck.

Related Link: Could Snapchat Be The First 'Social Augmented Reality Platform'?

Facebook has acknowledged this threat by Snapchat and the platform is constantly evolving to keep up with current social media trends. Facebook is reportedly in the works of creating its own standalone camera app to beef up its competition with Snapchat.

The company also announced it is has created a new feature that will be very familiar to Snapchat users. It's called "Slideshow" and will feature pictures and video from the past 24 hours. Slideshow will be available on to all iPhone users this week.

Snapchat has seen growth in nearly ever user category, and has seen the biggest increase in the key 25-44 demographic, a similar trend that Facebook experienced when it captured an older demographic as it began to hit more traction.