snapchat logo 2022

Snapchat’s parent company Snap announced its latest quarterly financial results yesterday. Its app ended 2022 with 375 million daily active users, up 17% year-on-year.

However, Snap’s business isn’t growing as fast: the company generated $1.3bn of revenues in the final quarter of 2022, up just 0.1% year-on-year. It’s also still some way from moving into the black, reporting a Q4 operating loss of $287.6m.

“We continue to face significant headwinds as we look to accelerate revenue growth,” admitted CEO Evan Spiegel.

Understandably, Snap focused on the metrics that are growing. For example, it ended 2022 with more than two million subscribers for its premium Snapchat+ tier. That’s double the one million it reported in August 2022.

It also noted that its catalogue of augmented reality lenses is now 3m strong. Talking of which, Snap has just launched a Grammys-themed challenge in its Spotlight section, offering cash prizes for the best #MusiciansOfSpotlight entries.

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Stuart Dredge

Music Ally's Head of Insight

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