Snap Inc. shared a few noteworthy stats during its third annual Partner Summit on Thursday, including that Snapchat is now used by more than 500 million people each month.
That figure comes just a month after Snap reported it finished the first quarter with 280 million daily users. Snap CEO Evan Spiegel shared the latest user update during his opening remarks at the company’s conference, which for the second straight year was held virtually due to the pandemic.
A few other points that stood out from Spiegel’s opening remarks include:
– Snapchat users open the app 30 times per day on average
– “Nearly one out of every two smartphones” in the U.S. uses Snapchat
– Snap reaches 90% of 13-24-year-olds in the U.S., U.K., France and Australia
– Snapchat has grown 100% year-over-year for the last 5 quarters in India, one of the emerging markets many tech companies (and advertisers) are increasingly focused on
Snapchat’s growth was a real concern for investors only a few years ago, with the company hampered by a clumsy Android app rollout and Instagram, its chief rival, copying Stories, perhaps its trademark feature. (For comparison, Instagram hit 500 million monthly users back in 2016.) But Snapchat has rebounded over the last year and a half, with its stock price shooting from about $17 per share in early 2020 to $55.39 per share on Thursday. As TheWrap reported last year, Snapchat’s bet on new content, games and features helped jump-start its once-underwhelming growth.
Read original story Snapchat Hits 500 Million Monthly Users At TheWrap