Snap Plans to Expand its Revenue to $6 Billion by 2023

40%

As per eMarketers predictions, Gen Z shoppers are likely to trust brands and influencers on the other hand older shoppers prefer retailers. Worldwide 9% of baby boomers follow and buy from accounts run by influencers whereas more than 40% of Gen Zers and millennials. In the US, influencer marketing spending would hit 27.8% to $4.99 billion this year, which is high compared to the prior $3.90 billion and this digit would double by 2024.

$5.96B

Research conducted by Pew Research Center revealed that in the US, TikTok the social media app is highly used by Gen Z. It is forecasted that about 61.3% of Gen Z use TikTok at least once a month, 58% of American teenagers aged 13 to 17 visit TikTok at least once a day, and 16% access TikTok constantly. Due to this TikTok’s ad revenue increased to $5.96 billion which is more than Twitter and Snapchat combined.

$6B

Snapchat CEO Evan Spiegel announced that Snap plans to expand its revenue to $6 billion by 2023 and to boost Snapchat's user base by 30% to 450 million. Due to last Q2 disappointments company has layoff of 20% of all employees. Snapchat+ platform’s paid subscription allows the users to access the extra features and aimed to reach 4 million subscribers by the end of 2022, and is expected to contribute $350 million in revenues by 2023.

65%

According to the latest research from AdTech company Bango, about 65% of app developers and marketers are looking for the best ways for targeting new paying users without IDFA, cookies or data privacy issues. The key findings are that 59% say it is not difficult to acquire new paying users for their apps, while 61% want to rethink their user acquisition strategy because of the new privacy regulations and 30% are concerned about this issue.

$3.30 B

As per eMarketers, in 2022, US podcast ad spending would hit $1.73 billion and this percentage would double to $3.30 billion by 2026. The data from August 2022 Podsights stated that Podsights is a marketing attribution platform for podcast advertising and pre-roll spots generated about 5% more website visits during Q2.