Snap company financials
Snap Inc. is headquartered in Santa Monica, California, and the company rebranded from Snapchat to Snap Inc. in 2016. In 2022, Snap’s global annual revenue stood at just over 4.6 billion U.S. dollars, up from 4.1 billion U.S. dollars in the previous year. Overall, Snap’s global annual revenue has seen a steady increase over the years, with North America being responsible for most of the company’s revenue. In terms of net income, the company suffered losses of 328 million U.S. dollars in the first quarter of 2023. The fourth quarter of 2022 saw Snap’s only positive net income at 22.5 million U.S. dollars. Additionally, Snapchat had an average revenue per user of 2.58 U.S. dollars worldwide in first quarter of 2023.Snapchat’s audience base and subscribers
In 2022, Snapchat had approximately 464 million users worldwide. The number of users is expected to exceed 500 million by 2025. In June 2022, Snapchat+, which is a subscription version of the app, was released. Paying users of the platform can access pre-release and experimental features for 3.99 U.S. dollars per month, and by the first quarter of 2023, Snapchat+ had reached over three million subscribers.As of January 2023, India was the country with the largest Snapchat audience overall, with around 182 million users. The United States ranked second with 108 million users and Pakistan followed with 26 million users. Globally, women are slightly more likely to use Snapchat, with 51 percent of users being female as of January 2022. In the United States, Snapchat is the fifth most popular social media app amongst Gen Z users, after YouTube, Instagram, Facebook, and TikTok.
New feature: My AI
Since February 2023, Snapchat audiences can chat with an AI powered chatbot called My AI, which is based on OpenAI’s ChatGPT technology. Initially available only to Snapchat+ subscribers, certain features of My AI are now available to all users. The chatbot can be added to group chats and suggest recommendations on Snap Map and Lenses. Special features available for Snapchat+ users include the ability to share and receive visual generative Snaps. Snap CEO Evan Spiegel reported that My AI could generate recipes if a user was to Snap a photo of vegetables in their garden, or that amusing generative photos of dogs may be created in response to a user sharing a Snap of their pet with My AI.
