Snapchat has started making a snapping sound towards FAANG in terms of profit
Snapchat is gaining popularity among youngsters as a messaging app with the exchange of images and videos. It has been trending for snaps as instant messaging and sharing of multimedia among groups and individuals. Now, statistics show that Snapchat can take over other popular social media platforms such as Twitter and Facebook in recent times. It can gradually take over FAANG (Facebook, Apple, Amazon, Netflix, and Google) in the upcoming times, or not, avid social media users must wait to see the outcome in this global tech market.
Snap has officially presented its Q1 2022 statistics where it showed that the growth in the United States is more than that of Facebook and Twitter. These two social media platforms are the toughest competitor of Snapchat. The daily active social media users of this platform have increased by 18% i.e. 332 million across the world.
Meanwhile, Facebook and Twitter have experienced a drastic drop in social media users for the first time in 2022. The young generation is more into Snapchat and Instagram rather than Facebook and Twitter. The profit has increased up to US$1060 million but this is only during the ongoing Russia-Ukraine war. If it was not there, Snapchat would have yielded much more than the current profit for Q1 2022, especially nearby to FAANG.
There are multiple reasons why Snapchat is becoming trending among youth and younger generations in 2022. One of the key reasons is providing an immersive experience with augmented reality. Augmented reality has successfully attracted over 250 million daily users to join this social media platform. There are continuous additions of updated features that can go viral among the target audience.
Leveraging cutting-edge technologies has helped to earn 44% growth since Q1 2021 with the drastic impact of the Russia-Ukraine war and the overall economic competence across the world. There can be the possibility for Snapchat to take over the FAANG group like Facebook and Twitter. This can transform into reality owing to the effective SWOT analysis and strategies for brand positioning, target market, and harnessing trending technologies. Thus, there are ample opportunities for social media users to shift their accounts from Facebook and Twitter to Snapchat to play with snaps and different lucrative applications across the world.
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