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Snap, the company behind the social media app Snapchat, has announced a significant milestone. The service has reached 750 million monthly active users globally. More than half of those (about 375 million) use or open the app daily.
The social media company revealed the figures during an investor day event yesterday. According to an official press release, Snapchat now has more than 150 million monthly active users in North America. On average, US-based users open the app about 40 times per day. Over 60 percent of Snapchat users who open the app each day create Snaps, the company’s VP of Product Jack Bordy said. Overall, more than five billion Snaps are shared every day globally.
While Snapchat has users all around the world, CEO Evan Spiegel revealed that 20 countries represent more than 50 percent of its total advertising market. While he didn’t name them, the Snap CEO said that the app is used by over two-thirds of 13 to 34-year-olds in those markets. Spotlight, the TikTok-inspired feed of short vertical videos on Snapchat, is rapidly becoming a crowd favorite. However, new users love its AR features more than anything. Over 70 percent of people who download Snapchat use AR on the first day.
Snapchat+, the company’s subscription service launched last year, has also added over 2.5 million subscribers within the first six months. The service, which gives users a handful of exclusive features, is on track to generate an annual revenue of more than $100 million. Snap Map, which is a social map feature on the app, also sees regular use. Over 300 million Snapchatters use it monthly, with users opening it six times per day on average.
Snapchat aims to reach one billion users in the next two to three years
Snapchat’s 750 million monthly active users are significantly low than over 1.2 billion monthly active users of Meta’s Instagram. Facebook has almost three billion monthly and two billion daily active users. However, Snap is carving its own path in this crowded social media space. The company says it is seeing a healthy growth rate and is on track to reach over one billion users in the next two to three years.
“We are well on our way to building a community of 1 billion monthly active users, with our core product of visual communication delivering significant reach into some of the most valuable markets in the world, and a young demographic that is difficult to reach elsewhere,” said Snap’s CFO Derek Andersen. “We believe that AR will drive the next computing platform and that our combination of leading AR technology, a well-established creator ecosystem, and a community deeply engaged with AR experiences, positions us well to be a leader in the next computing platform transition.”
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