Snap, the parent company of Snapchat, made an exciting announcement during its "Investor Day" event on February 17, revealing that the platform has achieved an impressive milestone of over 750 million monthly active users.
During the event, the CEO and co-founder of Snap, Evan Spiegel, presented compelling data illustrating that the social media platform has a robust presence in over 20 countries, effectively reaching 75% of individuals between the ages of 13 to 34.
Spiegel also added that the Snapchat community has increased significantly by over 100 million daily active users since the last Investor Day event. He said that the platform now gets more than 375 million daily active users.
Meanwhile, the SVP of Growth at Snap, Jacob Andreou, shared his optimism about the company's current growth. He believes that the company will surpass the coveted 1 billion users mark in the next 2-3 years. He attributed Snap's focus on adding new Snapchatters, growing their engagement, and retaining them over time as pivotal factors driving the platform's success.
At today’s second ever Investor Day, we shared that the Snapchat community has grown to over 750 million monthly active users! Learn more at https://t.co/nDlIAzA3uH. pic.twitter.com/nRnAxo6A1N
— Snap Inc. (@Snap) February 16, 2023
"Onboarding new Snapchatters at this important moment in their lives supports the long-term health of our community — we’ve found that when Snapchatters discover our service early on in their smartphone usage and start Snapping with their close friends, they are far more likely to remain daily active users on Snapchat," Andreou stated.
Additionally, the Chief Financial Officer of Snap, Derek Andersen, revealed that the Snapchat+ subscription service has roped in 2.5 million subscribers and generates an annual revenue run rate of over 100 million dollars.
Andersen said, "Over the medium term, we believe that our track record of innovation positions us well to expand our ARPU opportunity and diversify our revenue sources over time. For example, Snapchat+ presents an entirely new source of revenue for Snap, and just six months since launch, it has reached more than 2.5 million subscribers and an annual revenue run rate of over $100 million."
Despite the remarkable growth statistics, it should be noted that Snapchat still trails its competitors such as Facebook and Instagram by a substantial margin. For instance, Facebook, owned by Meta, boasts a staggering 2.96 billion monthly users and 2 billion daily active users. Similarly, another Meta platform, Instagram, garners more than 2 billion monthly users and 1.386 billion daily active users.