Snapchat has announced that it reached 750 million monthly active users at an investor day.
While it isn’t quite the two billion users that Facebook can boast, the company said that it is targeting a billion users in the next two or three years.
In addition to announcing its record users, the company also teased some new product offerings including its 3D Snap Map and Communities. Recently revealed, the Communities feature is aimed at creating private groups where members can add friends and post shared stories. Communities has launched with colleges and high schools and is set to roll out to more groups in time. 1,400 colleges in the U.S. have access to Communities, according to Snap.
Snap also said that its paid subscription service, Snapchat+, has reached 2.5 million subscribers.
It also said that direct response advertising would continue to be the main focus of its business. Direct response ads currently represent two-thirds of Snap’s business and is growing at a faster rate than its brand-oriented business. Snap also said that it would grow the volume of measurable conversions on its platform through better relevance targeting and machine learning improvements.
The company said it will continue to invest in different adtech formats including augmented reality and that it was working to address increased CPAs that have resulted from its investments in new tech.
Snap’s TikTok-rivalling short-form video platform Spotlight is also attracting around 300 million monthly active users — with engagement still growing.
