Snapchat’s popularity and revenues continue to grow sharply, as shown in Snap’s latest financial results. The company generated $1.06bn of revenue in the first quarter of 2022, up 38% year-on-year. That wasn’t enough to put it in profit, although its operating loss narrowed from $303.6m in the first quarter of 2021 to $271.5m a year later.
As for user growth, Snapchat now has 332 million daily active users, having added 52 million in the last year. As is customary for Snap financials, it also published a flurry of other stats on how people are using Snapchat. “Over 250 million Snapchatters engaged with augmented reality every day on average,” is one of the key figures. That’s just over 75% of the app’s daily users.
Next week (on 28 April) the company will be unveiling some of its next features and plans at its Snap Partner Summit. Given Snap’s growing activity around music in recent years, we’d expect some of those announcements to be relevant to artists and labels.