Social app Snapchat ended 2019 with 218 million daily active users, having added 31 million during the year as a whole – 17% year-on-year growth. That’s according to parent company Snap’s latest financial results, which were published yesterday. Is that growth in users helping Snap to turn a profit? No, it is not.
Snap’s annual revenues grew from $1.18bn in 2018 to $1.72bn in 2019 – healthy 45.3% growth – but the company’s net loss for the year was still $1.03bn. That’s down from $1.26bn in 2018, but when you look at the fourth quarter specifically, Snap’s net losses grew from $191.7m in Q4 2018 to $240.7m in Q4 2019.
There was an interesting stat for music marketers considering using Snapchat lenses for their artists: “Over 75% of our community engages with augmented reality every day on average,” announced Snap in its financials. “Lenses made by our community via Lens Studio now make up over 20% of the total Snaps sent every day with a Lens, with top-performing Community Lenses reaching billions of views on Snapchat.” There’s plenty more to chew over in Snap’s financials and the subsequent earnings call.
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