Will Instagram Stories kill Snapchat?

About a month or so ago, Instagram started rolling out Stories into the app. A way people can upload images or video that doesn't appear in the traditional scrolling view, but above that feed or via the person/brand profile page by clicking on their profile picture (note that this will only happen if there is an image/video available and the profile will have a coloured ring around it).

But what does all this mean if it appears so similar to what Snapchat has as a format? Lots of people have been calling this the demise of Snapchat, but will it be that drastic. Sure, you can draw a link to the decline of Perescope and Facebook video.

I'm curious as to how brands as well as people are looking at this. Personally I've found that Snapchat is just a different way I communicate to different people. I have friends that'd I'd be most likely to send them a Snap, while others a text or personally my preferred method is Facebook chat. I'm probably only really noticing a decline in the amount of new followers both my personal profile and brand have gained, but frequency of use is about on par. 
For brands, it's probably a much different story, data suggests that Instagram is a much stronger channel and it is a lot easier to gain traction, especially now they are a part of Facebook. Marketing wise it's a simple choice for growth, but... Snapchat is the alternative medium, it is where all the people that don't like Facebook and Instagram are hanging out, so if they are your audience, shouldn't you be there? 

I'm not leaving quite yet. 

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