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.
