Forget what you thought about Snapchat, the app is growing faster than it has in years, now counting over 293 million daily active users.
Just a couple of years ago, it looked like it could have been the end.
Related | Instagram Now Automatically Translates Texts In Stories In 90 Languages
In 2018, Snapchat was not doing well. Following a disastrous redesign, its stock price bottomed out under $5 as users and advertisers were questioning the very survival of the app.
But nowadays, things are looking drastically different for Snapchat. Its user base is growing faster than it has ever done since it went public back in 2017. Snap said the app added over 13 million daily users during the second quarter, a 23% increase year on year. Snapchat now counts over 293 million daily active users, which means 120 million more than it did this time four years ago (173M.) As a comparison, Twitter reported 206 million active daily users for the same time period.
But it’s not just user growth for Snapchat. The company also reported a 116% increase in revenue, bringing its total to $982 million, making Snapchat one of the fastest-growing social media companies.
Snapchat continues to build its growth around a passion for augmented reality. CEO Evan Spiegel is directly responsible for Snap’s investments in AR for years. Recently, Snap even announced its hop to build more shopping features that would take advantage of AR to let users virtually experience a product just by scanning it with the Snapchat camera and buying it without ever having to leave the app.
“More than 200 million Snapchatters engage with AR every day on average, and over 200,000 creators use Lens Studio to build AR Lenses for our community,” Spiegel said in his remarks to investors Thursday.
You might also like
More from Snapchat
Snapchat Introduces Shared Stories
Snapchat shared stories will let users who have been added to custom stories invite their own friends to contribute. Custom Stories …
Snapchat Partners With Ticketmaster To Launch New Events Map Layer
The new Ticketmaster Snap Mini will allow Snapchat users to find nearby events on the map, and tap on them …
Snapchat Introduces New Personal Safety ‘Live Location’ Feature
Snapchat is introducing a new way to keep track of where your friends are by seeing their real-time location on …
Snapchat Will Finally Let You Change Your Silly Old Username
Snapchat will now let you change your old username without compromising aspects of your account, like friends list, Snap codes, …
Snapchat Is Introducing Mid-Roll Ads In Snap Star Stories
Snapchat has announced the beta test of mid-roll ads in Snap Star Stories, a new monetization feature for creators.
Snapchat Unveils New AR Catalog-Powered Shopping Lenses
Snapchat has improved its AR shopping Lens offering by adding new Shopping Lenses that display details about products.
Snapchat Introduces New Emoji Polls, Bitmoji Reactions, And More
Snapchat is updating its app with new tweaks to personalize the in-app experience and make it more fun and engaging.
Snapchat Opens AR Christmas Market With Six Major Retailers
The holiday market will feature AR experiences from Coca-Cola, Hollister, Prime Video, Under Armour, Verizon, and Walmart.
Snapchat Launches New Multi-Format Ad Delivery Option
Snapchat's new "Multiple Formats" delivery option will allow advertisers to combine multiple video ad formats into a single ad set.