Facebook offered to buy Snapchat Nov. 23 for three billion dollars, but Snapchat owner, 23-year-old Evan Spiegel, turned it down. This has sparked a lot of media buzz about the future of Snapchat – estimating the true value of the company and debating if it will accept other offers or go public.

But what does this mean for the future of Facebook?

Facebook is currently the largest social network, but its use among teens is decreasing. Facebook’s offer to buy Snapchat is just one in a long line of offers from Facebook to newer, quickly growing companies. In the past two years alone, Facebook has merged with or acquired 18 different companies; the biggest was Instagram, but Facebook has also taken over many other photo sharing, mobile advertising, gaming and software platforms.

Although Facebook users span almost every age over 12, the company relies heavily on its teen population for its popularity. But Facebook recently admitted that the number of teens regularly checking the site is declining.

This shouldn’t come as too much of a surprise. What Facebook needs to realize is teens aren’t interested in using Facebook for its original purposes. Take statuses for example. Does anyone really post statuses anymore?

Facebook is currently a platform for photo albums, messaging and groups. Other media platforms such as Twitter are taking over and teens are fleeing Facebook to these easier, faster and more individualized sites.

Want to write a quick post? Try Twitter. Feel like writing a long, angsty post? Start a blog. Post an artsy photo? Instagram works best. In the mood for sharing hideous selfies? They will self-destruct after 10 seconds on Snapchat.

It’s apparent that Facebook is now more desperate than ever to boost its ratings by retaining teen users. Investments are always a risk, but spending three billion dollars on a two-year-old company that does not have revenue-making structure yet, just shows how far the company is willing to reach to stay in the game.

Facebook wants to monopolize on mobile social media apps and Snapchat has the potential to make over a hundred million dollars per year if it started allowing ads, according to notable tech reviews.

But the young Snapchat owners were smart to hold off on the large sum of money. While Snapchat has profit potential, Facebook is struggling. And just like MySpace, the once great social media giant might not last as long as people originally expected.