The Breakdown: Snapchat
Monday, April 13, 2020
Starting as a disappearing photo-sharing and messaging platform in 2011, Snapchat's growth has been an interesting one. Snapchat was a pioneer in incorporating augmented reality in social media with its use of filters and lenses; its quick rise to fame was not to be reckoned with— at the time, authentic and fresh voice set it apart from Facebook, Twitter, and Instagram. Doing extremely well during its initial years of launch, the platform found itself dwindling as Instagram launched their version: Instagram stories.
Now, Snapchat has found itself competing tirelessly against its rival. Though many marketing researchers say that its authenticity has still kept some of its users interacting and actively using the app.
The age breakdown: According to SproutSocial, Snapchat is most popular with Generation Z, with 69% of its active users being 13 to 17-year-olds. 62% are 18 to 29-year-olds, 25% are 30 to 49-year-olds, 9% are 50 to 64-year-olds, and a mere 3% are 65+. As a brand, this can be imperative to drive engagement reach; a younger demographic can be reached easily through Snapchat's "Discover" and "Stories" options on the explore page or AI filters and lenses.
The gender breakdown: Data from Statista reported that in July 2019, about 61% of the users were female and 38% were male. This is seemingly more than the other social media spaces which can deduce that women are more fond of visual platforms.
The usage statistics: With an estimated 210 million active daily users, as reported in the third quarter of 2019, the numbers have actually steadily increased from their first quarter. The app shows its resilience in the constant fight against Instagram Stories; Snapchat's latest statistics show that over 210 million Snaps are created daily, and a total of 3.5 billion Snaps during their second quarter of 2019. The social media platform has over 53.5 million downloads and has consistently stayed on the top 10 app downloads. The average user also checks the app more than 20 times a day, and nearly half check the Discover page for new content. This increase of attention from users derives mainly from Snapchat's new launch of filters including gender-swapping and baby AI filters; it can be advantageous when creating marketing content specifically for the digital space.
The revenue statistics: Business of Apps reveals that Snapchat's third quarter of 2019 generated a revenue of about $410-435 million proving a steady rise despite its other photo-sharing social media competitors. Expected to see an increase as we enter 2020, investing in Snapchat can be beneficial to brands and influencers alike.
Building your brand's presence using this disappearing photo-sharing app can be highly effective. While Instagram Stories is a grueling rival for Snapchat, keeping in mind its younger demographic and its innovative AI technology is essential.
With its continuous updates creating new updates and changes, Snapchat's future is slightly unclear but proves to be a worthy platform used to curate and craft marketing strategies that could be successful.