Snapchat's Revenue Takes a Tumble in September Amid Industry-Wide Down Trend

In September, social media applications aimed at the younger demographic, experienced a downturn in monetization. Among those impacted was Snapchat.

Ariel Michaeli, the founder of Appfigures, has been tracking the mobile revenue of Snapchat closely, especially after the launch of Snapchat+, a service akin to Twitter Blue, introduced the previous year. Initially, Michaeli viewed Snapchat+ skeptically due to its simplistic and uninspiring features. Contrary to his expectations, Snapchat+ generated a significant initial buzz, raking in nearly $6 million in net revenue in its debut month. Although there was a subsequent dip, the revenue for Snapchat+ rebounded, bolstered by new features similar to those of Twitter Blue, culminating in a peak of $17.9 million in August, as reported by Appfigures' App Intelligence data. This marked Snapchat's most profitable month for mobile revenue.

However, a steep decline occurred in September when Snapchat's mobile revenue plummeted by 24% to $13.7 million. This decline saw Snapchat's ranking in the US App Store's top-grossing list fall from 24th in August to 47th by mid-September.

Twitter, now rebranded as "X," also experienced significant losses in September. Despite this industry-wide slump, Michaeli reserves judgment on Snapchat's performance, opting to assess the situation after observing the revenue figures for October.

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