Snap Sees User and Revenue Growth in Q1 2024 Earnings
Snap reports a 10% increase in daily active users and a massive surge in Spotlight watch time for the first quarter of 2024. The social media platform also achieves significant revenue diversification through Snapchat+ subscriptions and an expanding base of small business advertisers.
Snap reports a 10% year-over-year increase in Daily Active Users, reaching 422 million in the first quarter of 2024. This growing user base spends significantly more time on the app, with watch time for Spotlight short videos surging by over 125% compared to the same period last year. Additionally, content from Snap Star creators drives a 55% increase in story watch time in North America.
The company actively diversifies its revenue streams beyond traditional advertising by growing its premium Snapchat+ subscription tier. Snapchat+ subscriptions more than triple year-over-year, exceeding 9 million paying subscribers in Q1. On the advertising side, Snap sees an 85% increase in the number of small and medium-sized businesses running ads on the platform.
Snap also improves its advertising tools to drive better results for brands, highlighted by a 75% increase in purchase-related conversions through its 7-0 Pixel Purchase optimization model. The company launches a simplified Conversions API for easier advertiser setup and partners with data firms like Snowflake to provide deeper campaign insights. New Sponsored AR Filters further expand brand reach by letting users interact with sponsored content directly through the Snapchat Camera.