How Snapchat Answers the Haters
Showing brands creative ways to navigate an unusual…
Fortunes of business change so drastically. At least that is was Snap CEO Evan Spiegel must be thinking. Just about a year ago, the sages of business were casting him as a disorganized, inexperienced, 20-something, billionaire. Ineffective in his communication, and lacking in his leadership. Totally Irrelevant, and unable to compete with Facebook on any serious level.
Well, all that has changed.
Yesterday, Snapchat released its quarterly financials. For the first part of 2020, the company showed a 44 percent growth in revenue compared to the year prior. That’s really thanks in large part for their laser focus on demographics. In the U.S., they reach more than 90 percent of 13 to 24 year-olds and more than 75 percent of 13 to 34 year-olds.
That’s still an incredible edge considering that Millennials and Gen Z, control over $1 trillion in direct spending power. Much of that is increasingly coming through using their mobile phones. Snap could always rest on the laurels (and joy) of being the market maker, but depending on how long this recession holds out, they like everyone else don’t hold an immunity pass. They must create and adapt.
