Snap CEO: we’re on track to hitting 1.0 billion MAUs
Snap CEO: We’re on Track to Hitting 1.0 Billion MAUs Snap Inc., the parent company of Snapchat, has been making waves in the social media industry since its inception in 2011. With over 500 million monthly active users (MAUs) as of Q2 2021, the company has been growing at an impressive rate. However, Snap CEO Evan Spiegel has set his sights even higher, stating that the company is on track to hitting 1.0 billion MAUs. In a recent earnings call, Spiegel shared his optimism about the company's future growth prospects. He highlighted the company's strong performance in Q2 2021, with revenue increasing by 116% year-over-year to $982 million. He also noted that the company's user base had grown by 23% year-over-year, with the majority of this growth coming from outside of North America and Europe. Spiegel attributed this growth to the company's focus on innovation and user engagement. He highlighted the recent launch of Snap's augmented reality (AR) platform, which has been a major driver of user engagement. The platform allows users to create and share AR experiences, such as filters and lenses, which have become a popular feature on the app. Snap has also been investing heavily in its content offerings, with the launch of its Spotlight feature in November 2020. The feature allows users to create and share short-form videos, similar to TikTok. The company has been offering cash rewards to users whose videos go viral on the platform, which has helped to drive engagement and user growth. Spiegel also highlighted the company's focus on privacy and safety, which has become an increasingly important issue for social media users. He noted that Snap has been investing in its safety features, such as its reporting tools and content moderation, to ensure that the platform remains a safe and welcoming space for users. Overall, Spiegel's comments suggest that Snap is well-positioned for continued growth in the coming years. With a focus on innovation, user engagement, and safety, the company is poised to attract new users and retain its existing user base. If Snap can continue to execute on its growth strategy, hitting 1.0 billion MAUs may not be too far off.