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SnapChat reaches 500 million monthly active users
Last week, Snapchat revealed that it has reached 500 million monthly active users. This was the first time the social media giant has revealed its monthly active users.
Past: This is a milestone for the social media app which was written off after declining a multibillion dollar acquisition deal with Facebook and saw its value drop from $ 24 billion in March 2017 to $ 6 billion in December 2018.
Today it is worth $ 86 billion.
The announcement was made during his Snap 2021 Partner Summit, where he also announced a few new product features that hint at the direction the company is heading: e-commerce.
Yes, the new features of Snap are aimed at allowing users to virtually try on clothes, visualizing how they will look in real life.
The company is launching “wrist tracking technology” that allows consumers to use augmented reality lenses to try on watches and jewelry. It also launched a feature called Screenshop. This allows consumers to use the Snapchat camera to scan a friend’s outfit and purchase similar looks recommended by the app.
Zoom out: Snap’s 500 million monthly active users are just a fraction of the 2.85 billion people who use Facebook each month. At the moment, Snapchat and Facebook generate most of their revenue from advertising, with this move Snapchat is looking to diversify its revenue.
Snapchat has come a long way, proving its skeptics wrong.