Late last week, Snapchat shared its earnings results which showed that the company continues to increase the number of users and revenues.
Snapchat daily active users climbed to 306 million during Q3 2021, marking a 23% increase over the same quarter last year.
Earlier in 2021, the company had managed to crack the 280 million DAU mark.
The increase in users is driven by territories outside of the US. Globally (excluding the US), users grew by 10 million during the quarter.
The app noted particularly strong growth coming out of India as a growing number of mobile owners are making use of the social app.
The app’s monthly active users jumped to over 500 million, led by younger audiences.
Some of this success is driven by its short-video feature Spotlight and its Discover section both of which provide plenty of content for users to engage with.
The company said that uploads to Spotlight have doubled over the past quarter alone following a series of funding initiatives that Snap launched.
“Our content partners continue to find success on our platform, with 15 different partners each reaching over 50 million Snapchatters this quarter. Two of our new Snap Originals launched this quarter, “Meme Mom” and “Honestly Loren”, and each reached over 10 million viewers,” Snap said.
In addition, Snapchat has been adding plenty of local content which boosts traction across various markets globally.
Overall, revenues climbed 28% to $3.49 in average user spend. Global revenues also exceeded $1 billion for the very first time. This marks a significant milestone for an app that has been struggling to monetise, but it seems new ad and content features are finally paying off for Snap.
For example, earlier this year, the app added an eCommerce feature that lets users dress comic versions of themselves.
In the long-run, it aims to invest more heavily in interactions between users and its platform.
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source https://www.businessofapps.com/news/70460/
