Snap Inc, the company behind social media platform Snapchat, has reported growth in both audience and revenues for the first half of 2024. In its regular letter to investors, the company said it has reached “more than 850 million monthly active users (MAU) and 432 million daily active users (DAU) on the path to our goal of 1 billion MAU.” As for revenues, these have grown by 16% year on year to $1.24 million.
Explaining its robust set of results, the company said: “Our focus on visual communication between friends and family is a strategic advantage that has enabled us to serve more than 75% of 13-34 year-olds in over 25 countries.” In other positive news, approximately 80% of Snapchatters are now above the age of 18.
The company acknowledged weaker brand advertising for “certain consumer discretionary verticals” but pointed to the growth of its subscription business Snapchat+. Launched in 2002, the premium offer now has 11m subscribers: “We started Snapchat+ with just six experiences, and within just a few weeks, we hit 1 million members. Now subscribers have access to over 40 exclusive features, including Chat Wallpapers, Custom App Icons, and AI Bitmoji Pets. Our Snapchat+ community has also been first to try some of our favourite features, including Snapchat for Web and My AI, now available for Snapchatters globally.”
Augmented Reality (AR) continues to be a key part of the platform’s offering, and gen AI is growing in significance: “We launched a generative AI Lens in collaboration with Beyoncé,” said the platform, “dedicated to her new Cowboy Carter album, which was engaged with 80 million times in the first three days.”
Other key initiatives include a partnership with media measurement and optimisation company VideoAmp to provide agency partners with reach planning and measurement tools. This will allow agencies to scenario plan with Snapchat in mind, and also help them understand how their client’s campaigns drives key metrics.
The platform has also partnered with Ensemble, a branded entertainment company founded by Issa Rae. The alliance will see Ensemble help brands produce content with Snapchat’s 523 creator accelerator programme, which is focused on growing and building diverse voices from ethnic groups and the LGBTQ+ community.
