![]() ![]() Indeed, Meta itself has re-stated many times that it will take years to establish all of the building blocks of the metaverse concept that it envisions. In many ways, Meta’s name change legitimized a concept that doesn’t exist, and created a new, theoretical model, which has already seen billions of dollars change hands on the back of an experience which is not even close to being fully realized or built. That essentially sparked a whole new industry, with many investors and businesses now rushing to cash in on the metaverse opportunity, keen to avoid missing out on the next big thing, as many did with social media in the first place. Meta went through some big changes in Q4, most notably its corporate name change from ‘Facebook’ to ‘Meta’, signalling its shift in focus to the next stage of digital connection. But still, as it eyes the next stage of immersive connection, that’s another key element to keep in mind, and you can expect Meta to put even more focus on this as those sales continue to rise.Īnd with its AR glasses also coming soon, you would logically anticipate those numbers to trend upwards in future. In 2023, additional startups that appeal to younger generations-including Fizz, Gas, and Geneva-will gain momentum by allowing users to connect in small, intimate circles.Īs 60% of US teens believe feeling “welcome and safe” online is of higher importance than having a space where they can speak freely, per research conducted in spring 2022 by Pew Research Center, we might see Snapchat and other leading social players evolve their strategies to contend with younger rivals that are gaining steam.VR sales jumped in Q4, bringing in $877 million, which is only a small fraction of overall revenue for the company. Snapchat’s emerging competitorsĭespite Snapchat’s popularity among the Gen Z demographic, competitors like BeReal are gaining traction with this audience, based on a comparison of fall 2022 Piper Sandler survey data with our forecasts. In 2023, Snapchat is already working on the next iteration of its Spectacles AR glasses, and aims to have its augmented reality (AR)-based advertising account for 10% of its overall ad income. ![]() ![]() In May 2022, Snapchat released a suite of AR tools to help businesses simplify asset creation and give users more ways to optimize product discovery. What’s more, Snapchat’s AR tools could make the platform an attractive collaborator for companies looking to establish a retail presence in the digital realm. New features such as AR image processing not only give shoppers a better sense of what a product looks like, but also encourage users to interact with a brand. Snapchat is leveraging its unique augmented reality (AR)-based advertising capabilities to entice marketers looking to engage customers and personalize their shopping experience. Marketing and advertising opportunities on Snapchat Looking ahead, it seems that this growth will continue, as almost one-quarter of internet users in Western Europe will be Snapchat users in 2023. This was due in large part to the success of their immersive augmented reality (AR) experiences during the FIFA World Cup, as well as the excitement they have built around Snapchat+-a paid, enhanced version of the platform. Snapchat posted notable user growth in Europe in 2022, per the firm’s quarterly reports. In 2023, Snapchat will have 525.7 million users worldwide, up from 493.9 million users in 2022. Here, we look at Snapchat’s user trends, delving into new advertiser and creator opportunities-and how current market challenges as well as competitors’ efforts are impacting the company’s global growth. The results not only shined a light on the current status and future potential for the social platform, but it also provided insight on the health of social media platforms as a whole. Snapchat delivered its fourth-quarter earnings this past Tuesday after markets closed.
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