Snapchat Posts Strong Results in Q2, Including a Record Increase in Revenue
A new article on Social Media Today reports that Snapchat just published its latest earnings results, with a solid increase in active users and a significant jump in revenue, as the platform continues to refine its offerings and establish its industry niche.
After a period of shaky usage results following the launch of Instagram Stories, which replicated one of the app's core functionalities, Snapchat has since worked on its re-aligning its focus on helping friends maintain more direct connection, which has seen the app re-gain its growth momentum, and boost overall usage.
Snap also notes that its new camera scan options are gaining traction with users:
The next phase of Snapchat will likely see it lean more into AR and digital clothing. Snap is well-advanced on the AR front, with its connection to younger users, and alignment with rising trends, which will only be bolstered by its next-gen Spectacles.
After a period of shaky usage results following the launch of Instagram Stories, which replicated one of the app's core functionalities, Snapchat has since worked on its re-aligning its focus on helping friends maintain more direct connection, which has seen the app re-gain its growth momentum, and boost overall usage.
- On users - Snapchat added 13 million more daily actives in Q2, rising to 293 million, which represents a 23% increase, year-over-year.
- Snapchat's seeing its most significant growth in India, represented in the 'Rest of World' chart above, where the app's improved Android version has caught on, particularly in the wake of the TikTok ban in the region.
- A key element of Spotlight's growth has been Snapchat's creator payouts for top content, which started at $1 million per day, but have since been revised down to 'millions per month' instead.
- On the revenue front, Snap posted a huge 116% YoY increase to $982 million for the period.
- Snap also says that its Games element is seeing more usage, with 30 million users now playing games in the app every month.
Snap also notes that its new camera scan options are gaining traction with users:
| "We introduced several new categories for Scan, including fashion and food, which is already used by more than 170 million Snapchatters every month to identify dog breeds and plants, discover recipes, and shop for clothing." |
