Snap announces Q1 2024 financial report: Daily activity exceeded 422 million and revenue increased to $1.195 billion
Snapchat‘s global daily active users increased by 10% year-on-year in the first quarter to 422 million
Spotlight short video platform content browsing time increased by 125% year-on-year
More than 1500 new Snap Stars (creators) added globally in the first quarter
Small and medium-sized advertisers on the Snapchat platform increased by 85% year-on-year
Technology company Snap (NYSE: SNAP) released its Q1 2024 financial report today. The report shows that the company’s revenue in the first quarter exceeded expectations, increasing by 21% year-on-year to $1.195 billion. The user base of its visual communication application Snapchat continues to grow rapidly, with a global daily active user (DAU) of 422 million, a year-on-year increase of 10%.
“We are committed to creating value for Snapchat users and advertising partners, which has also improved our financial performance.” Snap CEO Evan Spiegel said, “Our large, growing, and unique user base, brand safe and reliable platform environment, and comprehensive full funnel advertising solutions have made us an increasingly important partner for businesses of all sizes.”
Snap has been continuously investing in user growth, creator and short video ecosystem, advertising business, subscription services Snapchat+, AR, and other areas, achieving significant results. Other highlights in the Q1 2024 financial report include:
● User coverage: Snapchat reaches over 75% of the 13-34 age group in over 25 countries and regions worldwide, with advertising spending in these countries and regions accounting for over 50% of the global market.
Spotlight for short video platforms: The total browsing time of the Spotlight short video platform has increased by over 125% year-on-year.
Creator: Creator content continues to resonate with users, with the total browsing time of story content released by Snap Star in North America increasing by over 55% year-on-year in the first quarter. More than 1500 new Snap Stars were added globally in the first quarter.
Conversions API (CAPI) Signal Solution: The newly upgraded CAPI signal solution provides new data measurement dimensions and indicators for dynamic retail advertising, improving ROAS optimization results. These updated measures, along with the latest partnership agreements and a comprehensive improvement in partner collaboration experience, have jointly driven a year-on-year increase of approximately 300% in CAPI integration volume in the first quarter!
Small and medium-sized enterprise advertisers: The number of small and medium-sized enterprise advertisers on the Snapchat platform increased by 85% year-on-year.
Subscription service Snapchat+: Over 9 million paid subscription users, a year-on-year increase of over 2 times. We provide exclusive features, testing features, and pre release features for subscribers.
AR: On average, over 300 million users interact with AR on the Snapchat platform every day.
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