Snap Inc., the developer of the Snapchat application, achieved significant growth during the second quarter of 2021. The company reported that it successfully added 13 million new daily active users between March and June 2021, representing a 23% increase compared to the same period in 2020. This brings the total number of daily active Snapchat users to over 293 million worldwide.
In addition to the substantial increase in the number of Snapchat users, Snap's revenue rose by 116% compared to the same period last year, reaching $982 million, making it the fastest growing compared to Twitter or even Facebook. Evan Spiegel, the CEO of Snap, commented on the massive growth of the app, stating that he expects the user base to grow even faster as lockdowns end and life returns to normal, given that Snapchat is designed for use with friends.
Most of the growth in the number of Snapchat users during Q2 2021 came from outside its core markets in North America and Europe, where advertisers are paying more to reach consumers. This indicates that Snap has significant work ahead to monetize its new users. Additionally, Snap benefited from the delay in implementing privacy changes in Apple's iOS 14, which require a prompt for permission to track users when using apps that collect data for advertising targeting.
Jeremy Gorman, Snap's head of business development, noted that the company observed higher tracking consent rates from Snapchat users compared to all competing apps, attributing this in part to the trust the app has from its users. Users can access the latest version of Snapchat through the App Store for iPhone users and Google Play for Android users.
