Of the 18-to-24-year-olds surveyed, 28% cited social media as their main news source, compared with 24% for TV.
The Reuters Institute for the Study of Journalism research also suggests 51% of people with online access use social media as a news source.
The report, now in its fifth year, is based on a YouGov survey of about 50,000 people across 26 countries, including 2,000 Britons.
Facebook and other social media outlets have moved beyond being "places of news discovery" to become the place people consume their news, it suggests.
And news via social media is particularly popular among women and young people.
The study found Facebook was the most common source -- used by 44% of all those surveyed -- to watch, share and comment on news.
Next came YouTube on 19%, with Twitter on 10%. Apple News accounted for 4% in the US and 3% in the UK.
While messaging app Snapchat was used by just 1% or less in most countries.
According to the survey, consumers are happy to have their news selected by algorithms, with 36% saying they would like news chosen based on what they had read before.
And 22% happy for their news agenda to be based on what their friends had read.
But 30% still wanted the human oversight of editors and other journalists in picking the news agenda and many had fears about algorithms creating news "bubbles" where people only see (polarized) news from like-minded viewpoints.
Most of those surveyed said they used a smartphone to access news, with the highest levels in Sweden (69%), Korea (66%) and Switzerland (61%), and they were more likely to use social media rather than going directly to a news website or app.
The report also suggests users are noticing the original news brand behind social media content less than half of the time, something that is likely to worry traditional media outlets.
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