In the first quarter of this year, Snapchat, the popular social media platform, experienced a significant surge in daily active users, reaching a total of 422 million, marking a 10 percent increase compared to the same period last year.
The parent company, Snap, also reported robust financial performance, with revenue growing by 21 percent year-on-year to $1.195 billion. This growth was driven by improvements made to the advertising platform and a rising demand for its direct-response advertising solutions.
Snapchat+, a subscription service, saw notable growth as well, boasting over 9 million subscribers during Q1. The company highlighted a substantial rise in overall time spent consuming content globally, particularly in Spotlight and Creator Stories, with a remarkable 125 percent increase in time spent watching Spotlight content compared to the previous year.
To further enhance content engagement, Snap outlined three key areas of focus. “First, we continue to invest in our machine-learning (ML) models to improve content ranking and personalisation across all of our content surfaces,” the company noted.
Second, “we are growing our creator community and diversity of content by supporting and rewarding creators”.
“Third, we are enhancing our content experience and features to improve relationships across our service,” it added.
In the quarter, overall time spent watching content globally grew year-over-year, driven primarily by strong growth in total time spent watching Spotlight and Creator Stories and Snap's strategic initiatives.
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