Snap Inc. sees growth in revenue, daily active users in Q3 2020

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 21, 2020, 8:43 AM UTC

Snap Inc.’s latest earning report revealed that its in-app engagement has increased amid the pandemic.

In Q3 2020, Snapchat saw its daily active users go up by 11 million. Overall, this brings the present total to 249 million daily active users. The report attributes this increase to the platform rolling out upgrades to the Android app in April 2019

The report found the total daily time spent watching Shows to have gone up by 50% YoY. Additionally, over 40% of US Gen Z users consumed sports Discover content on Snapchat last month.

Q3 2020 has seen Snap Inc. earn $679 million in revenue, which translates to a 52% YoY increase. As per Snap Inc.’s CEO, Evan Spigel, the revenue improvements have resulted from the company’s focus on delivering ROI for advertisers and building new products and experiences.

Read the original article

[5 minute read]