Snap Inc. has announced a significant milestone, with more than 750 million monthly active users now using Snapchat, while daily activity has reached 375 million users. Though this is far from Facebook’s 2.96 billion monthly active users and 2 billion daily users, Snapchat’s audience continues to grow. During its Investor Day event, Snap stated it sees “a path to reaching more than 1 billion people on Snapchat in the next two to three years.”
Snap CEO Evan Spiegel noted that the app reaches over three-quarters of teens aged 13 to 34 in around 20 countries, with users posting more than 5 billion snaps every day. Meanwhile, more than 2.5 million users have subscribed to Snapchat+ since its launch about seven months ago. Additionally, over 300 million people use Snap Map each month.
These are much-needed positive signs for Snap after a difficult 2022. The company’s stock fell by more than 80 percent between the end of 2021 and mid-2022, which led to layoffs of about 1,300 employees.