Social media platform Snapchat reached 422 million daily active users in the first quarter (Q1) this year, an increase of 39 million or 10 per cent (year-on-year).
In Q1, the revenue of its parent company Snap grew 21 per cent (on-year) to $1.195 billion, driven by improvements made to its advertising platform and an increase in demand for its direct-response (DR) advertising solutions.
“We continued to make progress toward diversifying our revenue sources, with Snapchat+ growing to more than 9 million subscribers in Q1,” the company said in a statement.
In the quarter, overall time spent watching content globally grew year-over-year, driven primarily by strong growth in total time spent watching Spotlight and Creator Stories.
“Total time spent watching Spotlight content increased more than 125 per cent year-over-year,” informed the company.
Snap said that to further deepen content engagement, it is focusing on three key areas.
“First, we continue to invest in our machine-learning (ML) models to improve content ranking and personalisation across all of our content surfaces,” the company noted.
Second, “we are growing our creator community and diversity of content by supporting and rewarding creators”.
“Third, we are enhancing our content experience and features to improve relationships across our service,” it added.
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