Snap loses users for the first time ever
August 8, 2018 -- Snapchat’s active user base shrunk by three million people in the second quarter of 2018, the company’s first reported decline in users. In the same period, the company’s average revenue per user rose to $1.40, compared with Facebook’s $8.99 per user.
An unpopular redesign of the Snapchat app has likely contributed to the recent downturn. In February reality TV star Kylie Jenner tweeted her disapproval of the redesign, which knocked $1.3bn off parent company Snap’s market value.
Snapchat is described as “a multimedia messaging app” for pictures and messages that are only available for a short time before they become inaccessible.
As of February 2018, Snapchat had 187 million daily active users, compared with Twitter’s 335 million monthly active users.
- Why Snapchat is shrinking (Recode)
- How Snapchat's IPO became one of Wall Street's biggest flops (Fortune)
- Here's why Snapchat users are so upset about its recent redesign (CNBC)
- Snapchat stock loses $1.3 billion after Kylie Jenner tweet (CNN)
- Snapchat loses £650m after Rihanna condemns firm for allowing ad 'shaming' domestic violence victims (The Independent)