Snapchat has been growing well in terms of users and revenues, but its parent company Snap has nevertheless been circling its wagons amid wider economic wobbles. In August it announced plans to lay off around 20% of its staff and shut down several of its “non-core” activities.
Now CEO Evan Spiegel has been telling the remaining employees how Snap is planning to weather the storm, while admitting that “we saw challenges on the horizon, and hedged our bets accordingly, but still got punched in the face hard by 2022’s new economic reality”. In a memo to staff, Spiegel cited the war in Ukraine; “skyrocketing” energy and food costs and high inflation as among the factors.
So, what is Snap’s plan to thrive despite this? Signing up more 30-40 year-olds; bumping up the focus on Snapchat’s map and spotlight sections; “increasing our penetration in at least one new large country or demographic” and driving more revenues from AR-based advertising.
The Verge has the full leaked memo, including Spiegel’s hopes of $6bn in revenues and a billion monthly users of Snapchat’s AR lenses in 2023.
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