Two years ago, I wrote a post called 25 Facts About Snapchat in 2016.
The world of social media has changed drastically since then, so it’s time for an update.
During this time,
- Vine has died,
- Medium has monetized via a paywall, and
- Facebook’s Instagram and Whatsapp have largely cloned most of Snapchat’s features.
Just like that – in the space of just two years, Snapchat has gone from social media darling – having graced the cover of Bloomberg Businessweek twice – to a secondary platform on the wane.
I can’t speak to Snapchat’s future, but outside observers would note it’s not a good sign when you try to pivot your business model twice in as many years.
In Snapchat’s case, first they changed their name from “Snapchat Inc.” to “Snap Inc.” and attempted to expand from online social media app. to product manufacturer with their failed Spectacles glasses.
Then, last fall, they began beta-testing a site redesign.
As of today, January 22, Snap’s stock price is hovering around $14.00, roughly half of its IPO value of $27.09 roughly nine months ago.
Further, two weeks ago The Daily Beast published a leaked internal memo detailing Snapchat user data.
The news – to put it mildly – was not good.
Per the memo, users overwhelmingly use Snapchat as a visual messaging app – taking photos and sending it to their friends.
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Why should that worry Snap this year?
It means users are largely ignoring other features, including Snapchat Stories (where users can post their photos or videos for others to see), Maps (where they can locate their friends in real time), and – most critically – Discover.
Discover is the section of Snapchat where corporate sponsors (such as BuzzFeed or People) post. It generates the bulk of Snapchat’s revenue.
As listed below, it turns out that only around 20 percent of Snapchat users actually check out Discover daily.
Worse, this percentage will likely fall with Snapchat’s new redesign, which houses the primary Snapchat feed and Discover in different sections.
Here’s a concise round-up of facts and statistics about Snapchat in 2018:
Snapchat was founded on September 16, 2011, by Evan Spiegel and Bobby Murphy while they were still students at Stanford University. (source)
Forbes listed Evan Spiegel the youngest billionaire in the world in 2015. (source)
In January 2014, Facebook offered to buy Snapchat for $3 billion. Spiegel and company declined the offer. (source)
18 percent of U.S. social media users use Snapchat. (source)
28 percent of Millennials use Snapchat daily (vs. 34% who use Instagram). (source)
3.5 billion Snaps are sent every day. (source)
Snapchat had 178 million Daily Active Users in Q3 2017. (source)
That 178 million represents 17 percent year-over-year growth in Daily Active Users from 153 million in Q3 2016 (source)
In September 2017, users were on Snapchat an average of 34.5 minutes per day. (source)
Average revenue per user was $1.17 in Q3 2017 (source)
Snapchat lost $443 million in Q3 2017. (source)
Snap Maps launched in June 2017 as a way for users to locate their friends, as well as explore nearby news and sites. (source)
In September 2017, only 19 million users checked Snap Maps daily (11 percent of the app’s total daily user base). (source)
In August 2017, users were 64 percent more likely to send a snap to a friend than post to Stories. (source)
A survey by analyst firm Cowen in December 2017 revealed that 96% of senior ad buyers would prefer to buy ads on rival Instagram rather than Snapchat. (source)
Only 25 percent of users post to Snapchat Stories daily. (source)
Only about 20 percent of Snapchat users check Discover daily – its sponsored advertising section (source)
Rival Facebook reported in April 2017 that 200 million people use Snapchat clone Instagram Stories daily –that’s more than 20 million more than the number of Snapchat’s total users. (source)
Last week, Snapchat rival Instagram began beta-testing a new feature, “Text,” that allows users to type directly into a variety of backgrounds without furnishing a photo first. The problem? Snapchat has never had this feature. (source)