10/2/2023 0 Comments Snap stock googleSnapchat’s subscription service, Snapchat+, which provides users with exclusive, experimental and pre-release features - all for $3.99 per month - saw decent growth.īy June 2023, the subscriber base had already reached four million paying subscribers, and was further reiterated on the call. No wonder it’s looking beyond advertising to make money from its audience. The latest stats for its TikTok-style short-form video feed Spotlight is a testament to this.įor Q2, the total time spent watching Spotlight content tripled year over year, according to Spiegel on the call, while Spotlight reached an average of more than 400 million monthly active users - which represents an increase of 51% year over year.Ĭlearly, Snapchat’s problems aren’t so much about its audience as much as they are about how well it can gain the acceptance of marketers and differentiate itself from competitors. Snapchat has shown repeatedly over the years that it can drive engagement effectively with the audience it does have. So while Snapchat might become the fastest growing platform, it still has a much smaller overall user base. However, this potential growth is heavily influenced by Snapchat’s increasing popularity in India, where it has seen significant uptake following the TikTok ban in the country.įurthermore, TikTok already achieved more than 1 billion MAUs back in September 2021, according to the platform’s own data. Though of course these estimates are lower than Snapchat’s previously announced 750 million MAUs back in February, but that’s down to the company stripping out bots, fake accounts and multiple accounts for a single user.īased on the forecasts from Insider Intelligence, there is a possibility that Snapchat could surpass TikTok as the fastest growing platform globally this year. More broadly, the platform is expected to reach 694.7 million monthly users by the end of the year, worldwide, increasing to 734.8 million in 2024 and 769.2 million users by 2025, according to the market research company. Looking ahead, Insider Intelligence forecasts that in the U.S., Snapchat will reach a total of 91.7 million monthly active users by the end of 2023, increasing to 93.8 million in 2024 and 95.9 million users in 2025. The upward trajectory looks set to continue for the foreseeable future. ![]() Over the last quarter, Snapchat reached 397 daily active users (DAUs), which was up 14% year over year, and a further increase on the first quarter’s total of 383 million DAUs. But it’s not going to have a major impact on the platform’s bottom line just yet,” said Jasmine Enberg, principal analyst, social media at Insider Intelligence.Īt least Snapchat doesn’t have to worry about its audience - yet. “Snap has done a lot of work to diversify its revenue streams, which is smart and the right move, given the struggles it’s had with the advertising business. There’s a chance that they could come up trumps for Snapchat in the long run. While it’s too soon to pass judgment on the outcomes of these moves, it would be premature to label them as failures. Not to mention its further investments in AR as well as creators, the latter of which transitions to click-based interactions and the retraining of its machine learning algorithms for greater optimization of click-throughs. Grim as this all sounds for the one time social media darling, its fate isn’t sealed yet.Īfter a rocky first quarter of 2023, the social media app seems to have made a number of moves in the right direction to position itself for future growth, including hiring Microsoft’s Rob Wilk as the platform’s first president of Americas, to oversee sales in the region. “Now, it’s not as vital, with TikTok giving us access to Gen Z and beyond with content that’s not ephemeral.” “Before the rise of TikTok, Snapchat felt like the preferred avenue to reach younger audiences,” said Kelly Dye, vp of product and innovation at Acorn Influence, a New Engen company.
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