Snapchat Surges In Popularity
Snapchat is set to become even more popular.
According to a recent report by eMarketer, the photo-sharing app - which currently boasts over 150 million daily users - will increase its user total to 217 million by the end of 2017.
The report suggests that Snapchat will see a 27.2% rise in user growth by the end of 2016 and a further 13.6% increase over the course of 2017.
Snapchat's continued growth will no doubt attract the attention of big name brands who to want to engage with the platform's ever-increasing user base.
Although advertisers currently see the platform as a way of successfully engaging with the coveted millennial market. The social media app will need to diversity its user base in order to secure continued spend from brands.
Making it easier to follow other users and simplifying its interface would be a good place to start - but given the fresh competition that the platform is facing from Facebook and Twitter following their Snapchat-inspired updates. Tapping into this market may be harder than it first thought.
Snapchat currently makes the majority of its revenue from advertising. Sponsored lenses, geofilters and brand positioning on the Discover page all play a vital role in its revenue stream. In order to stay on track and reach its targets for predicted growth, Snapchat is going to need to continue monetising forward-thinking updates like these.
Words: Dan Flay
Image via Luxury Daily