One of the most intriguing aspects of Snapchat’s growth is its emergence and continued relevance. Even though it has not yet reached its peak in popularity, it has quickly caught the attention of the public. The idea of a social network that connects people instantly and allows for one-to-one conversations is a novel concept, and the app appeals to this urge. It is a social media platform that encourages group behavior and is an important part of high school culture.
The growth of the app can be traced to the word-of-mouth of teenagers and their parents. This is how the service became popular with younger users, who used it to share pictures and messages. In its first year, the app’s daily snap count hit 50 million. In 2013, the app added “Stories” and “Chat” features, which let users post a series of snaps that remained online for 24 hours.
While Facebook had approached Snapchat with a $3 billion acquisition bid, the company turned it down. While there was no solid path to an IPO, Snapchat founders wanted to remain in control of their creation. As a result, they launched a new ad feature. This feature allowed advertisers to advertise in-between personal videos. Today, ads generate 99% of Snapchat’s revenue. But there’s still more to Snapchat than these numbers reveal.
In Q2 2020, Snapchat added nine million daily active users. This represents an increase of twenty-three percent from the year before. With over 293 million daily active users, Snapchat beats Twitter’s 206 million daily users. Its revenue also increased 116%, hitting $982 million. This growth is largely due to the fact that Snapchat users are younger and more discerning. While the company may still have problems in the future, its growth continues to amaze analysts.
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