Snap Inc. is set to launch a new version of its Snapchat app, titled “Simple,” next year, as revealed by the company’s CEO during the quarterly investors call on Tuesday. The announcement coincided with the report of an impressive increase of 37 million daily active users worldwide in the third quarter of 2024, bringing the total user count to 443 million. Additionally, the fifth-generation Snapchat Spectacles, initially introduced at the annual summit last month, will now be accessible in more countries.
Introduction of New Snapchat App and Expanded Spectacles Accessibility
In its financial report for Q3 2024, Snap Inc. disclosed a year-over-year revenue growth of 15 percent, amounting to $1.3 billion (approximately Rs. 11,544 Crore). Despite this revenue increase, the company reported a net loss of $153 million (about Rs. 15.3 Crore). User engagement remains robust, with a 5 percent rise in the total time spent consuming content on Snapchat, and one billion Snaps exchanged monthly during this quarter.
CEO Evan Spiegel highlighted the upcoming “simple” Snapchat app, which is currently undergoing testing with over 10 million users across more than 12 markets. The app is scheduled for release in the first quarter of 2025, with plans to target markets that have higher monetization potential in the subsequent quarter.
This new app aims to cater to new and less engaged users, a segment where Snapchat has observed significant growth in content interaction. The decision to create a simpler version stems from the complexity introduced by various innovations over time. The Simple Snapchat app will provide a more straightforward experience for essential functions such as viewing stories and Spotlight content.
Moreover, Snapchat has confirmed that its augmented reality (AR) glasses, the Spectacles, will soon be available in additional markets beyond the United States. The rollout will include countries such as Austria, France, Germany, Italy, the Netherlands, and Spain.
