Snapchat crosses 750 million monthly active users, company expects to reach over 1 billion in next 3 years

“We built Snapchat as an alternative to social media, a way to communicate with friends and family without the pressure to appear popular or perfect. From visual communication to augmented reality, the Snap Map, Stories, Spotlight, and more, we love seeing all the ways our passionate global community uses our service,” the company said in its official statement.

On February 17, the company hosted its Investor Day for financial analysts and institutional investors. It stated that it has grown to over 750 million monthly active users and based on the current growth rate, Snapchat expects to reach over 1 billion users in the next two to three years.

The presentations at Investor Day also revealed that over 60 per cent of Snapchatters open the app each day to create snaps. Over 70 percent of Snapchatters who download the app engage with AR on their first day on the app.

“While Snap is still a small business compared to many large technology companies, we’ve made a lot of progress, growing revenues to $4.6 billion in 2022. Our large, hard-to-reach audience, brand-safe environment, and innovative advertising platform have made us a valuable partner for businesses that want to reach the next generation,” said Evan Spiegel, co-founder, and CEO, during his presentation at the Investor Day.

Snapchat, launched in September 2011, stood out from the league of social applications for making pictures and messages available for a short time.