Snapchat’s daily active users increased from 265 million to 319 million in 2021. The platform also posted strong revenue growth of $1.3 billion. During that year, the major updates are 3D Bitmojis and QR scanners. Unfortunately, today, Snapchat downsizes & reprioritizes.
Snap Inc. CEO Evan Spiegel announces that Snapchat will reduce the size of its global team by around 20%. As part of the restructuring, the platform will also increase its focus on three priorities:
- Augmented reality (AR)
- Community growth
- Revenue growth
Evan explains that the move aims to reaccelerate revenue growth, as the platform’s revenue remains limited this 2022.
Snapchat downsizes & reprioritizes as of 01 September 2022.
Implications to Marketers:
As Snapchat downsizes & reprioritizes, marketers need to find new ways to strengthen their snap ads and campaigns. The restructuring may be temporary, as Snapchat is still a great platform for AR try-on.
Reference: https://newsroom.snap.com/restructuring-and-refocusing-our-business