Snapchat now has over 500 million active users; attracting more advertisers

Snap's revenues have grown significantly too, beating expectations.

Snapchat now has over 500 million active users; attracting more advertisers | BEAMSTART News

Snapchat is one of the most addictive social media apps in the world, pioneering the "stories" video format people love.

Just last Thursday, parent company Snap revealed a little more on the company's user numbers at the Snap Partner Summit.

Key Highlights

  • Snap announced that Snapchat has over 500 million monthly active users.
  • The company is also rolling out features to help content creators monetize their content.
  • Snap plans to provide advertisers with more opportunities to market their offerings differently to their growing userbase.

Why It Matters

  • Snap is doubling down on its business offerings, introducing e-commerce capabilities, public profiles, and event a more interactive way to shop.
  • With the company's user numbers growing, this could present a massive opportunity for advertisers to reach the younger audience that Snap has a grip on.
  • Snap has also increased its investments in the Augmented Reality (AR) space, coupling it with gaming-related features (ie: users can build a lego kit together).
  • The company recently launched "Screenshop", allowing users to scan a person's outfit and buy it instantly online (similar to Google Lens).
  • Facebook is still the market leader in the social media space, with over 2.8 billion monthly active users.

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