A recent report highlights the rapid growth of Snapchat, surpassing both Facebook and Twitter in active user engagement. According to Snapchat’s latest quarterly report, the platform witnessed an 18% increase in daily active users (DAUs) year-on-year, reaching a total of 332 million.
Growth Momentum
In contrast, Facebook (now Meta) experienced a decline in DAUs for the first time last quarter, while Twitter’s monetizable DAUs grew by only 2% in the US and 15% globally. Snap Inc., the parent company of Snapchat, reported a significant revenue increase of 38% year-over-year, reaching $1.06 billion for the quarter ending March 31, 2022.
CEO’s Perspective
Evan Spiegel, CEO of Snap Inc., emphasized the company’s underlying momentum amidst challenging operating conditions. He reiterated their commitment to providing value for their community, delivering ROI for advertising partners, and investing in augmented reality opportunities.
Impact of Global Events
While Snap Inc. experienced significant growth since Q1 2021, the ongoing conflict between Russia and Ukraine has affected advertising revenues. Snap CFO Derek Andersen highlighted the uncertainty surrounding the impact of the war on input costs, marketing budgets, and overall economic conditions, making it challenging to predict future outcomes.
Augmented Reality Engagement
Despite challenges, Snapchat continues to see strong engagement with augmented reality (AR) features. Over 250 million Snapchatters engage with AR daily on average. Additionally, there has been a notable increase in daily time spent by Snapchatters aged 25 and older on shows and publisher content, with a growth rate exceeding 25% year-over-year.
Creative Expression on the Platform
Snap Inc. reported a remarkable 350% increase in the number of Spotlight submissions using creative tools or Lenses compared to Q1 2021. This demonstrates users’ enthusiasm for creative expression and interactive experiences on the platform.
As Snapchat maintains its upward trajectory in user engagement and revenue growth, it continues to innovate and adapt to evolving market dynamics, solidifying its position as a leading social media platform in today’s digital landscape.
