Snap Chat adds 9 million new users and 17% increase in revenue – but falls behind analyst expectations.
During the lockdown, Snap Chat introduced a slew of new features around AR and reported a 37% increase in user engagement with community-generated AR content.
Snap also sees Facebook’s recent troubles an opportunity to pitch their own platform as the brand-safe, community-friendly choice.
Not long ago, they rejected Facebook’s $3b takeover bid.
Remember 2013 when Snap brushed Facebook’s $3bn offer off the table?
In response, Facebook vowed to kill the platform with Instagram Stories – and almost succeeded when Snap Chat’s growth came to a standstill in 2018.
But Snap has recently done a lot of growing up by:
- introducing a dedicated app for Android (resulting in an uptick in growth from India)
- adding Brand Profiles (making the platform more mature for advertisers)
- introducing Creator Profiles to highlight content creators (and going against their own policy of not treating influencers differently)
They’re sticking to their guns and building a more private social network – a strategy that seems to be paying off in the current climate.
More users mean more ad revenue.
But their growth in the US and EU is stagnating. The majority of their user growth is coming from developing markets.
And it’s hard for marketers to find promising platforms when new ones pop up every day.
You’ll want to follow this advice to win.
Look for platforms that aren’t just introducing new and exciting features, but are also learning from their competitors.
TikTok is a great example.
Despite everyone’s best effort, there seems to be no end in sight for their growth.