Among all the other social media platforms, Snapchat is now the upper hand containing 319 million daily users. However, this is the first time for this company to overpower the others. There is a 20% growth for 5 consecutive quarters in the usage of the app for a year. Snapchat reported $1.3 billion in revenue with a net income of $22.6 million just in the 4th quarter of the year 2021.
The company said that there is a 64% growth in its complete-year revenue. It’s CEO Evan Spiegel said that they made significant progress growing their business and serving their global community, and so, 2021 was an exciting year for Snapchat.
Further he also explained that the strength of their core business has accredited them to fast-track their investments in upgraded reality, transforming the way that the snapchat community experiences the world through their camera. Including Universal Music’s Rebel Labs, social publisher Jungle Creations‘ lifestyle content and team Whistle’s sports content, 25 different Discover partners each reached over 50 million unique Snapchatters in the 4th quarter of 2021.
The entity introduced two Snap Map Layers, Memories and Explore, which allow users to view their saved Snaps by location and explore new ones around the world and have been used over hundred million times since launch. To bring more AR shopping and virtual try-on experiences to Snapchatters in India, the company is associated with e-commerce entity Flipkart and cosmetic companies such as Sugar Cosmetics and MyGlamm.