Snapchat recently announced they discovered a decline in platform users during their Quarter 2 report. In the last quarter, the company, Snap, Inc., has dropped from 191 million daily activities to 188 million.
Other social media platforms such as Facebook and Twitter have also experienced growth concerns in the last few years. These concerns reduced each company’s valuation over time and Snapchat’s latest discovery is a grim look into the possible future of the platform. In the past, the platform has been known for its strong growth from those turning away from Facebook.
Users are blaming the controversial redesign for some of the loss. But it’s also like due to Facebook and Instagram implementing new Stories features, which has directly impacted Snapchat’s success.
For those advertising on Snapchat, there is some good news. The company reported a 44% year-over-year revenue increase and a 48% YoY jump in ad revenue. The company’s shares rose following the disclosure of the report.
Sources: Social Media Today
