New Delhi: Snapchat, the popular social media platform, reported a surge in its daily active users, reaching 422 million in the first quarter of this year. This marks an increase of 39 million users, representing a 10% growth year-on-year.
During Q1, Snap Inc., the parent company of Snapchat, witnessed a revenue growth of 21% year-on-year, totaling $1.195 billion. This growth was attributed to enhancements made to its advertising platform and a rise in demand for its direct-response (DR) advertising solutions.
In a statement, the company highlighted its progress in diversifying revenue sources, with Snapchat+ surpassing 9 million subscribers in Q1.
Moreover, there was notable growth in overall time spent watching content globally, primarily driven by increased viewership of Spotlight and Creator Stories. The company reported a significant surge in time spent watching Spotlight content, which increased by over 125% year-over-year.
Snap emphasized its commitment to enhancing content engagement through three key strategies. Firstly, it continues to invest in machine-learning (ML) models to enhance content ranking and personalization across all content surfaces. Secondly, Snap is expanding its creator community and fostering diversity of content by supporting and rewarding creators. Lastly, it aims to improve relationships across its service by enhancing content experience and features.
