The company compared Android users' daily time spent on Facebook, Instagram, Twitter and Snapchat from January to March 2016 with the same period in 2015. The firm looked at data from the U.S, UK, Germany, Spain, Australia, India, South Africa, Brazil and Spain.

Facebook's Instagram saw the biggest year-over-year drop — usage was down 23.7 percent this year, closely followed by Twitter (down 23.4 percent), Snapchat (down 15.7 percent) and Facebook (down 8 percent), the study found.

Twitter's stock is trading down around 34 percent, and Facebook's stock is up almost 14 percent so far this year.

In the U.S. — typically social media's most lucrative market — Instagram use was down 36.2 percent, Twitter was down 27.9 percent, Snapchat was down 19.2 percent and Facebook fell 6.7 percent. Despite this drop, Facebook users in the U.S. continued to spend the most time using the app: 45 minutes and 29 seconds every day on average. Facebook users in India used the app the least, spending 22 minutes and 59 seconds daily, on average.