Snap Inc. is using AI to enhance Snapchat, adding users and increasing revenue

From Nasdaq: 2024-06-19 09:55:00

Snap Inc. is leveraging generative AI to enhance Snapchat with lifelike AR effects, attracting new users and keeping current ones engaged. With 422 million DAU in Q1 2024 and a 10.2% year-over-year increase, Snap added 39 million DAU. Revenue is expected to grow by 15.97% in 2024, with global DAU reaching 443.58 million.

Snapchat introduces new features like editable chats and AI-powered Lenses, plus collaborations with Microsoft and Versace. Despite tough competition, SNAP shares have dropped 6.7% in the past year. In the social media market, Facebook leads with 3.07 billion users, putting Snapchat in ninth place with 800 million active users.

To boost engagement, Snap partnered with the European Parliament for AR Lenses promoting civic engagement. These efforts aim to increase Snapchat’s popularity and fend off competition. Overall, Snap Inc.’s AI advancements and strategic collaborations position it well to attract and retain users in a competitive social media landscape.



Read more at Nasdaq: SNAP’s Latest Advancement in AI to Boost Daily Active Users