If someone wants to see how an app makes a dramatic come-back, and how an effective management and development team can work wonders for an app to outshine all other competitors, then one should look at Snapchat and its remarkable success.
Snapchat was the pioneer of many innovative features like ephemeral Stories, AR lenses, etc., that were incorporated by other apps like Instagram, Facebook and YouTube. There came a time when Snapchat’s Android app got ignored by its developers and suddenly it looked like Snapchat would drown in the sea of other successful applications. However, the company took the right steps in the right direction at the right time and boom! Now, Snapchat is again one of the top-ranking apps in the world. The coronavirus pandemic turned a blessing in disguise for the app as more people started returning and exploring Snapchat again after its revamp amidst the pandemic.
Recently, Snap Inc. released a report about its recent earnings, and it shows that the app has managed to add 11 million more daily active users in the third quarter of 2020. Now, there are around over 249 million daily active users. This is a lot more than another famous and widely used platform, Twitter, which has around 186 million daily active users.
This report divided the users into four categories: Global, North America, Europe, and the Rest of the world. While there is an increase in users in all the categories, this report highlights that in the ‘Rest of the world’ category, India tops the chart for contributing to the daily active users. More than 50% of the Indian Snapchatters are found to be using the ‘Discover’ content in the q3 of 2020.
The total-daily-time on watching ‘Shows’ content on Snapchat has also increased by 50% Year-over-Year amongst Generation Z. Around 40% of Gen Z has been found to be using the ‘Discover’ content for Sports in the US last month.
Now, coming to the Revenue: It has been reported that Snapchat managed a 52% year-over-year increase in the q3 of 2020, which accounts for up to $679 million.
It has been noticed that North America has contributed the most in the revenue surge of the app with Snap shares going 20% up in after-hours-trading.
Most of the revenue growth is attributed to better advertisement policies and offerings like the AR shoppable ‘try on’ for shoes, and some other innovative and creative ways to lure the users and improve the overall engagement and reach.
Snapchat was the pioneer of many innovative features like ephemeral Stories, AR lenses, etc., that were incorporated by other apps like Instagram, Facebook and YouTube. There came a time when Snapchat’s Android app got ignored by its developers and suddenly it looked like Snapchat would drown in the sea of other successful applications. However, the company took the right steps in the right direction at the right time and boom! Now, Snapchat is again one of the top-ranking apps in the world. The coronavirus pandemic turned a blessing in disguise for the app as more people started returning and exploring Snapchat again after its revamp amidst the pandemic.
Recently, Snap Inc. released a report about its recent earnings, and it shows that the app has managed to add 11 million more daily active users in the third quarter of 2020. Now, there are around over 249 million daily active users. This is a lot more than another famous and widely used platform, Twitter, which has around 186 million daily active users.
This report divided the users into four categories: Global, North America, Europe, and the Rest of the world. While there is an increase in users in all the categories, this report highlights that in the ‘Rest of the world’ category, India tops the chart for contributing to the daily active users. More than 50% of the Indian Snapchatters are found to be using the ‘Discover’ content in the q3 of 2020.
The total-daily-time on watching ‘Shows’ content on Snapchat has also increased by 50% Year-over-Year amongst Generation Z. Around 40% of Gen Z has been found to be using the ‘Discover’ content for Sports in the US last month.
Now, coming to the Revenue: It has been reported that Snapchat managed a 52% year-over-year increase in the q3 of 2020, which accounts for up to $679 million.
It has been noticed that North America has contributed the most in the revenue surge of the app with Snap shares going 20% up in after-hours-trading.
Most of the revenue growth is attributed to better advertisement policies and offerings like the AR shoppable ‘try on’ for shoes, and some other innovative and creative ways to lure the users and improve the overall engagement and reach.
