Snapchat, which was originally designed as, and found success in being, the answer to the uber-connectedness and constant validation of already-established social media platforms like Facebook, Twitter, and Instagram, was beginning to see its star fade a bit as those aforementioned platforms incorporated (copied, you might say?) the things that made Snapchat so unique.
Instagram has goofy, fun filters now. And every platform (every platform. Even WhatsApp.) offers “stories” for users to share their day in seconds-long increments. These things even can now also disappear, adding that temporary, blink-and-you’ll-miss-it appeal that Snapchat was initially alone in providing.
But Snapchat is fighting back, and with an even-stronger outlook than when they introduced this little guy:
Snapchat Inc, the parent company of the Snapchat app, recently released its earnings report for 2017. The numbers show a substantial upward tick in profits, and a significant increase in usership, to help stave off the increasingly-aggressive moves of Facebook, Instagram, etc.
Snapchat earned $825 million last year. This brought their shares up by more than 2% to close at a pretty solid $17.32. Their quarterly revenue rose by 46%, to $285.6 million (which exceeds expectations by upwards of $32 million).
The app’s user base also increased, and by a whole 18%. Credit is given to a recent Android update for the app: According to Snapchat CEO Evan Spiegel, the update makes Snapchat easier to navigate “…especially for older users,” which, as Snapchat’s viability still lies with its appeal to a younger user-base, are typically also new users.
Time spent on the app also increased by 20%, thanks, again, to the update.
But, as Snapchat thus slowly sheds it “youth only” exclusivity, it will be interesting to see for how long, and if, they can continue to compete with the social media giants that have already gained a cross-generational foothold.
Or will grandma start sharing pictures of her flowers and grandchildren on Snapchat?