We already knew that Instagram was gaining a huge audience, while at the same time introducing new advertising venues that would no doubt be profitable for the Facebook-owned site. But now, its popularity could easily overtake another social network — Twitter.

A new report from SocialTimes indicates that, per numbers provided by GlobalWebIndex, Twitter still has a grasp on more active users than Instagram at the moment in 29 of the 33 markets, but that may not stay the same for long.

Speaking about the four markets — Hong Kong, Taiwan, Thailand and Sweden — where Instagram has the lead, GWI explained, “As is often the case, the problem here is that social networks use competing definitions of active usage. In our survey, where visitation and active usage are tracked in the same ways across all networks, we are much better positioned to show how networks compare to one another. While it’s certainly significant that Instagram has forged ahead in four markets, the fact that it lags in 29 of them shows the scale of the challenge that lies ahead if it wants to displace Twitter.

“That said, there is better news for Instagram when we look at visitation rates by age. Twitter might be ahead in all groups, but the gap is very small among the key 16-through-24 group (where 42 percent have visited Twitter and 39 percent have been to Instagram). That the photo-sharing service is so popular among the youngest Internet users is extremely encouraging for its future growth prospects.

The company also posted a large infographic, included below, that breaks down just what kind of dominance both Twitter and Instagram have in each of the 33 markets. As you can see, some differences are as clear as night and day, like Twitter having a healthy lead over Instagram in Indonesia, Turkey and Mexico.

However, the line is somewhat blurred when it comes to other markets. In the United States, for example, Twitter’s lead over Instagram is marginal, and that’s the same way for other markets like Brazil, Portugal and Malaysia. This could indicate that, with the right promotional tools, Instagram could easily move in and expand its lead on these markets, instead of just overtaking the four it has first place in right now.

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We’ll see where the next few months lead — and what Twitter could be up to in regards to keeping its lead in these countries.