Snapchat, social media app, history and innovation

You’re probably all aware of Snapchat, a social media app that has introduced several innovations making it the go-to platform for the younger generation.

And what’s even more surprising is that, despite its launch almost a decade ago, it’s still growing. The app still gets millions of daily active users to this day.

Read on to learn more about Snapchat’s beginnings, its innovations and how it is still growing.

History of Snapchat

2011: Snapchat, then Picaboo launches

Snapchat was created by Evan Spiegel, Bobby Murphy, and Reggie Brown, who met at Stanford University. They wanted to create an app that would send disappearing photos.

Reggie Brown invented Snapchat’s disappearing pictures feature while Spiegel had previous business experience. Brown and Spiegel then included Bobby Murphy, who had experience coding. The three of them launched Snapchat as “Picaboo” on the iOS operating system in July 2011. Reggie Brown was driven out of the company months after it was launched.

In September 2011, Spiegel and Murphy rebranded the app as Snapchat and relaunched in the iOS App Store.

2012: Video arrives

In October 2012, launched the Android app in the Google Play store. This contributed to the growth of its users and the next major milestone. Within one year, Snapchat users were sending 20 million snaps per day, or around 25 snaps per second.

By the end of the year, Snapchat users were sending 50 million snaps per day. The app introduced an update that allowed users to record and send 10-second videos. Instead of having to change between different photo and video recording modes, as with camera phones, users could hold down the photo capture button to record a video.

2013-2014: Stories and Chat

In October 2013, launched “Stories”. This is an ephemeral narrative visible to their friends for 24 hours. Brands and individuals started using Stories to share a fuller picture of their activities and engage with their audience, while maintaining the disappearing factor that Snapchat was known for.

In 2014, boosted innovation and launched a range of new features and updates. It introduced Chat in May, the messenger with disappearing messages via text, as well as the ability to see when your friend was “here” in the chat window so users could start a live video chat. Our Story was introduced in June, allowing Snapchat users worldwide to add photos and videos to a public feed of snaps from popular events.

In July, introduced an exciting new feature Geofilters which allowed users to personalise their snaps with location-specific filters and embellishments.

October marked the beginning of Snapchat advertising, and ads started appearing in “Recent Updates” section alongside their friends’ stories. Users could skip viewing the ads, if they wished. Similar to other Stories, these ads disappeared after 24 hours.

2015: Discover and Lenses

In January 2015, the app offered many new ways for advertisers to earn money from its huge audience, which was approximately 75 million users at the time. The company introduced Discover, a new page with featured ad content in short-form from publishers and channels like Vox, BuzzFeed, CNN, and Food Network. In September, Snapchat introduced Lenses. Users could choose from a wide variety of Lenses to change their look.

2016: Memories

2016 was a year of huge change and rapid growth for Snapchat. In February, it introduced on-demand Geofilters for all users, allowing users to create customised filters for parties, weddings, and private events. Then, Snapchat implemented auto-advancing Snapchat Story plays. When a user finished watching one Story, the next one would automatically begin playing.

In April, Snapchat achieved a huge milestone with Bloomberg reporting that it was generating 10 billion video views per day. This was 2 billion more views per day than Facebook was generating in November 2015. By June, Snapchat had reached 150 million daily active users, exceeding Twitter. Snapchat also expanded its video ads in June.

In July, Snapchat Memories were introduced, allowing users to save content on their devices for later editing and sharing. They also collaborated with Bitstrips to create Bitmoji, personalised avatars that Snapchat users could incorporate into their snaps and Stories.

2016: Rebranding

By August, Snapchat faced tough competition in the social media space as its rivals competed for attention. Instagram introduced its own version of Stories, while Facebook launched filters and stickers on its photo app.

In September, a rebranding took place as Snapchat’s parent company was renamed Snap Inc.

Snapchat users create 210 million snaps every minute

The company recently announced that the total number of snaps created per quarter has increased to a huge 3.5 billion. The growing popularity of Snapchat can be attributed to the increase of users of newer Android devices with users now sending 7% more snaps compared to the ones generated with older Android devices. Additionally, the Snapstreak feature encourages users to constantly create snaps. The current record for the longest Snapstreak stands at an amazing 1,756.

Snapchat is one of the 10 most popular apps

With 281 million downloads in 2020, Snapchat secured its position as one of the most popular apps globally. Its downloads soared after introducing its baby and gender-swap lenses. As the 7th most downloaded app overall, it trails closely behind popular platforms such as TikTok, WhatsApp, Facebook, Instagram, Zoom, and Facebook Messenger. In 2020, it ranked 7^th as the most downloaded app in the United States.

Snapchat monthly active users is 557 million

According to Statista, the number of monthly active users was estimated at 557 million in January 2022. This isn’t a huge number compared to some other social media platforms, like Facebook who had 2,910 monthly users or YouTube (2,562 monthly users). Additionally, Snapchat ranks 5^th as the most popular messaging app worldwide.

Snapchat’s ad revenue estimated at $5.87 billion

Based on forecasts from Statista, Snapchat’s ad revenue, accounting for most of its total revenue, is expected to reach $5.87 billion by 2026. This represents significant growth compared to 2022. Snapchat’s ad revenue is estimated at $3.63 billion this year.

Snapchat has had remarkable growth

Since 2011, Snapchat has experienced huge growth and has become one of the leaders in the social media landscape. The introduction of innovative features like Stories, Chat, Geofilters, Discover, Lenses, Memories, and Bitmoji has contributed to Snapchat’s popularity and engagement among its users.

It has faced intense competition from other social media giants, such as Instagram and Facebook, who have introduced similar features to attract users. However, Snapchat has managed to maintain its unique identity and continue to evolve, adapting to user feedback and market trends.

The company’s advertising revenue is expected to grow significantly, with forecasts estimating that revenue will reach $5.87 billion by 2026.

As Snapchat innovates and expands its offerings, it will continue to change the future of social media and engage its loyal user base with innovative features, interactive experiences, and captivating content.

Disclaimer:

This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.