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Snapchat Sees IAP Cross $6 Million in 3 Weeks, Ties With Instagram for US Consumer Engagement

TikTok has managed to conquer most of the world in terms of app installs and daily usage, but in spite of the fact that this is the case its success in the US has been hampered by the domination of Snapchat and Instagram in those markets. Snapchat has had an interesting story, one where it saw many of its unique features getting appropriated by the much larger entity that is Facebook.

Snapchat has managed to weather the storm, and with all of that having been said and now out of the way it is important to note that it is now tied with Instagram in terms of having the most committed users in the US. In the second quarter of 2022, around 34% of Snapchat users in the US opened the app every single day. These daily users are also called power users, and only Instagram is competing with Snapchat on that front with all things having been considered and taken into account.

Such a high proportion of power users is useful because of the fact that this is the sort of thing that could potentially end up driving up consumer spending on the app. This is a trend that has definitely been seen for Snapchat, with its new premium Snapchat+ subscription bringing in around $6 million in the three weeks since its launch. This is almost double what Twitter managed to bring in after launching Twitter Blue, even though this premium service has been around for twice as long.

This suggests that Facebook and Instagram might not have just TikTok to worry about, since Snapchat seems poised to topple their dominance in the US market. TikTok’s proportion of power users is around 24%, lower than Facebook’s 31%, but Snapchat is becoming a growing cause for concern particularly after the resounding success of its premium subscription service. It will be interesting to see how the former social media juggernauts owned by Meta will manage to overcome the dogged Snapchat and its determined attempts to continue to grow against all odds and despite numerous larger foes.

H/T: ST

Read next: Snapchat Adds 15 Million More Users But Sustains Slower Growth In Revenue During Q2

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