Snap Inc., Snapchat’s parent company posted its Q3 earnings report where the company posted $204 million in advertising revenue. The results turned out to be disappointing as Snap was predicted to post a revenue amounting to $235 million by analysts. Snap went public earlier this March, but its stock prices have been going down drastically. On announcing Snap’s quarterly earnings, its CEO Evan Spiegel shared future plans on how Snapchat can get back on track. Also Read - Accidently broke Snapchat streak with friends? Here's how to restore itAlso Read - Top 5 best stock trading apps in India in 2021: Tradingview, investing.com, INDmoney, more
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Spiegel starts by saying that the company will now focus on three core things user growth, content, and augmented reality (AR). Spiegel primarily spoke about Snapchat’s performance on Android devices as it gained more users than iOS in September. To bank on the increasing user performance on Android devices, Snapchat is going to go over a major design overhaul. This redesign will only be for Android platform, and it will first launch in select markets before the global rollout.
Spiegel says that the new Snapchat “leverages everything we have learned about building for Android over the past five years, to provide a more performant product experience that we know our community will appreciate”. Snapchat, as an app is known to be quite confusing for users and also requires high speed connectivity. Spiegel stresses that the new Snapchat for Android will not require downloading an entire video file for Story playback. Snap is also partnering with ‘select wireless carriers’ for providing services at a lower cost. ALSO READ: Snapchat for iOS update allows link, photos sharing
Snapchat will also have a new of discovering content. The new app will possibly have an algorithm to show the most relevant content in a personalized way. Snap is also looking towards a YouTube direction by helping creators monetize their work. Snap already has Publisher Stories, but it plans to give users a platform to monetize their business. Snapchat pioneers in augmented reality with its creative Lens. Snapchat will soon allow users to create and publish their own Lenses through Lens Studio. Snap plans to make Lens Studio more accessible for creators in the future. ALSO READ: Here s how you can Shazam right from within Snapchat
Snap’s major plans for Snapchat comes at a time when the company and app is producing disappointing results. This quarter itself, Snap added 4.5 million Daily Active Users (DAUs) “at a lower rate”. It now has 178 million DAUs which is quite low compared to its competition like Instagram which has 500 million DAUs. While Facebook profits majorly after ripping off Snapchat’s key features on its products, Snap hasn’t bounced back as yet. ALSO READ: Now you can cross-post your Instagram Stories to Facebook Stories