Snapchat Sees 116% Increase In Revenue
Snapchat added 13 million more daily users in the past quarter, marking another period of continued growth for the platform.
In the same week that Twitter revealed it had experienced a significant boost in revenue, Snapchat has now had its highest-ever quarterly revenue in Q2 2021, bringing in $US982 million ($1.3 billion) during the period.
This was an 116 per cent YoY increase for Snapchat.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Snapchat CEO Evan Spiegel.
“We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energised by the many opportunities to grow our community and business around the world.”
Snapchat pointed to recent innovations for advertisers on the platform, including Public Profiles for businesses and an integration for Salesforce to help brands leverage first-party data.
Augmented Reality (AR) continues to be a strategic focus for the company, with users and brands now able to make use of the technology.
“We made significant progress with our augmented reality platform this quarter,” Spiegel said. “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.”
Snapchat also now seems to be benefiting from India’s decision to ban TikTok, with the app seeing significant growth in the region, according to SocialMediaToday.
This has been backed by new content offerings for Indian users, with 24 new channels made specifically for the region launching in Q2.
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