In 2023, Snapchat Experienced a Notable Surge in its User Base

19.2%    

In June 2023, 19.2% of digital buyers aged 18 to 34 made purchases via TikTok, highlighting its growing influence in commerce. Older generations preferred Facebook, YouTube, and Instagram for shopping. Success on TikTok hinges on tapping into its ever-changing trends and utilizing TikTok Shop's product insights. 

13.4%  

Snapchat is projected to have a remarkable 13.4% increase in its user base in 2023, positioning it as the fastest-growing social media platform. This growth outpaces rivals like Instagram, which is expected to grow by 7.9%, and even Facebook, with the slowest projected growth of just 1% among top social media platforms. 

37% 

A recent study reveals that Gen Z are comfortable with targeted ads, 37% of Gen Z consumers prefer these ads to see more relevant advertising. Where the baby boomers want to say out of these targeted ads. 75% of Gen Zers buy a product based on the recommendation of an influencer and this number rises to 85% when looking at only beauty, food and beverage products. 

0.2 %  

In July 2023, the Personal Consumption Expenditures (PCE) index increased by 0.2%, reflecting a slight uptick in consumer spending. This modest rise suggests that while there was some economic activity, it remained relatively stable during that period.  

$19B 

Facebook's parent company, Meta, acquired WhatsApp for a substantial $19 billion. Despite WhatsApp's continued growth with over 2 billion users, its revenue generation remains limited due to the absence of ads, unlike Instagram, which was acquired for approximately $1 billion. The focus for WhatsApp's future profitability lies in business messaging and monetization efforts. 

80% 

The survey from Econsultancy's Future of Marketing report reveals that 80% of marketers believe that innovation and the adoption of new technologies will be increasingly important over the next two years. This strong emphasis on technological advancements reflects their confidence in shaping the future of the industry despite recent economic challenges, with data, analytics, and agility also ranking high among their priorities. 

25% 

Despite low profits and employment layoffs Podcast revenue in the U.S. is expected to reach $2.3 billion by 2023, a 25% increase from 2022 as per the Interactive Advertising Bureau. This revenue will double by 2025 and the company says that it is on track to make its business profitable in 2024.