Snapchat’s
most recent report on of its performance in 2022 shows that in the first
quarter of the year, the platform has been able to achieve an increase in
revenue, as well as user count.
In Q1 2022, Snapchat has added 13 million more daily active
users, which has taken the total count up to 332 million. The analysis further
shows that a good majority of this number comes from the ‘Rest of the World’
category, in which India is the most prominent contributor.
As for the Average Revenue Per User, the key contributor
region of Snapchat’s revenue, North America, remains unchanged. This is
probably because Snapchat hasn’t done much to release region-specific services
or products, which is what mainly drives revenue. However, thanks to Snapchat’s
constant efforts towards advertisement display, the revenue number is rising
regardless.
As far as Snapchat’s usage trends go, the company has been
successful in driving massive engagement through its AR tools. Over 250 million
people on Snapchat are engaging with the AR tools each day, while over 250,000
creators have built more than 2.5 million Lenses via the platform’s Lens
Studio. Snapchat further notes that the rise in interaction with its AR lenses
this year is more than twice as much as compared to Q1 2021.
Snapchat has stood out among other social platforms mainly
because of its AR lenses that have drawn users to the app over time since the beginning,
and the constant expansion of this product determines the rise of the social
company in the digital world. In addition to this, the platform is continuing
its efforts towards VR tools via the Bitmoji avatars, which have also always
been unique to Snapchat and one of the most favourite features to users.
While these features have been sufficient to keep up
Snapchat’s popularity, the company is making sure to stay up with more of the
latest social media trends, especially short form videos. For that, Snapchat
has its own Spotlight feature, that it believes, contains “long term potential.”
According to Snapchat, there has been a “350% increase in the number of
Spotlight submissions using creative tools or Lenses compared with Q1 2021.”
It will be interesting to see how Snapchat continues to grow
and adapt to suit the ever-changing needs of its audience, especially its older
audience.
