In our latest Music Ally report, we examined how Snapchat had bounced back from a worrying-looking flattening of its user growth in 2018. That bounceback is continuing, judging by parent company Snap’s financial results for Q3 2020.
Snap said that Snapchat ended the quarter with 249 million daily active users (DAUs), up by 18% year-on-year. It also means that Snapchat added 11 million net new users in Q3 alone.
Not that this is helping it make a profit yet: Snap’s revenues grew by 52.1% year-on-year to $678.7m, but it still recorded a net loss of just under $200m.
The other message coming out of the financials was how big augmented reality (AR) technology is proving for Snapchat, through the ‘lenses’ (filter effects) in the app.
“The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us,” said CEO Evan Spiegel.
More than 1.5m Snapchat lenses have so far been created using its Lens Studio tool, and as a guide to the scale of the most successful ones: “Our ‘Anime Style’ Lens powered by real time machine learning was engaged with 3 billion times in its first week.”
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