Snapchat Witnesses Revenue Spike of 116% 

Snapchat has added over 13 million more daily users in the first quarter of this year, which has marked another period of sustained growth for the platform.In the same week, Twitter had revealed to have experienced a noteworthy increase in revenue. Snapchat has now had its highest quarterly revenue ever in the second quarter of 2021, bringing in $982 million during the period. This was a yearly increase of 116 percent for Snapchat.

Evan Spiegel, the CEO of Snapchat, said that the second-quarter results reflect the broad strength of the business, as they have grown both revenue and daily active users at the highest rates ever achieved in the past four years.

Augmented Reality (AR) continues to be a planned and deliberate focus for the company, along with the users and brands now able to use the technology.Spiegel further said that they had made significant progress with their augmented reality platform in this quarter. More than 200 million Snapchat users engage themselves with AR every day on an average, and over 200,000 creators use the Lens Studio of Snapchat to build AR Lenses for their community.

Snapchat seems to be helping out in the areas where TikTok app was banned, like in India, with the app seeing noteworthy growth in the regions, according to SocialMediaToday. This has been sponsored by the new content offerings for most Indian users, along with 24 new channels made precisely for the region launching in the second quarter of the year.