It’s hard to think that Snapchat has been around for more than ten years now since the app just recently become available. TikTok, which has emerged as one of the most popular short-form video applications to date, has taken the lead in recent years, despite the fact that this app has gone through its fair share of ups and downs over the last ten years. However, the app has been eclipsed by new rivals. Despite this, Snapchat has been successful in maintaining and expanding its user base, and the company recently announced that it has hit a new milestone by surpassing 750 million monthly active users.
Despite the fact that this is a very positive development, the company’s financial situation has not improved. While the company’s primary emphasis is on its app, it has made previous attempts to diversify its offerings by producing physical gadgets. In 2022, the business tried again to get into the accessory market by releasing a drone called the Pixy, which retailed for $250. The company stopped working on the project barely four months after it was introduced to the public, and despite the fact that some people initially showed enthusiasm about it, things swiftly went worse after that. It is still possible to buy the gadget via the firm’s online shop, despite the fact that there is no up-to-date information on the device’s status as of the year 2023. The company has not made an official announcement that the project has been cancelled. Concerning Snapchat, the firm has made progress over the course of the last year, adding new features for users of both the basic and Plus versions of the app. In addition to this, it has also improved the quality of its camera by providing support for 10-bit HDR to devices in the Pixel 7 series. In addition, it has made efforts to supply artists with more tools, but it has also reduced the amount of money in its Spotlight fund, which means there are less incentives available to producers who use the platform.
Neverthless, 2023 seems like it has the potential to be a banner year for short-form videos. YouTube is increasing the amount of work it puts into its platform, and TikTok is still the dominant platform, but it is impossible to predict what types of events will take place in the new year. It is important to note that Snapchat has some ambitious plans for the next years, such as striving to achieve one billion users within the next several years.
