Key Takeaways from Snap Inc Q3 2020 Earnings Report

The highlights from the Snap Inc Q3 2020 Earnings Report includes engagement across key metrics, new products launched within the quarter, and updates from the growing trend of augmented reality that the platform has pioneered.

Financial Metrics

• Revenue increased 52% to $679 million in Q3 2020, compared to the prior year

Engagement Metrics

• Daily Active Users increased by 18% year-over-year to 249 million

• Total daily time spent by Snapchatters watching Shows increased by over 50% year-over-year in Q3 2020

• The daily average number of Snapchatters in India watching Discover content increased by nearly 50% sequentially in Q3 2020

• More than 40% of the US Gen Z population watched sports Discover content on Snapchat last month

• SportsCenter viewership on Snapchat increased by 80% from July to September

Augmented Reality

• As of the end of Q3 2020, over 1.5 million Lenses have been created by the community through Lens Studio

• The ‘Raise Your Voice’ Lens generated over 70 million impressions and over 48,000 hours of playtime

• 'Anime Style' Lens powered by real-time machine learning was engaged with 3 billion times in its first week

Also Read: Snapchat rolls out a new feature called Sounds

Advertising

• Snap launched 'Meet the Snapchat Generation', their first-ever global business-to-business marketing campaign highlighting Snapchat’s audience

• Platform Burst, which allows advertisers to purchase ad inventory across different formats to reach a significant portion of their target audience over a few days was launched

• The company launched a Snap Select gaming bundle, which is the first commercial bundle tailored to a specific category, and mentions it has led to impactful partnerships with advertisers

Products

• Creator Profiles was launched, providing Creators with a permanent profile to host their photo, video, and Lenses content, Story replies, and data analytics insights

• Sounds on Snapchat was introduced, enabling users to express themselves by adding licensed music from emerging and established artists to their Snaps, including music companies like Warner Music Group, Universal Music Publishing, The NMPA, and Merlin

• Snap claims to have helped over 1 million Snapchatters with voter registration for the upcoming 2020 U.S. General Election through our ‘Register to Vote’ Mini, developed in partnership with Democracy Works

• The Bitmoji team launched its first branded customizable Mix and Match collection, in partnership with Ralph Lauren, and millions of users globally have dressed their Bitmoji in Ralph Lauren since launch

• Users can now also dress their Bitmoji avatars in a new collection of 19 different digital apparel and sneakers from Nike’s Jordan brand, including the Air Jordan XXXV

• Headspace Mini, developed in partnership with Headspace, was used by 5 million users in its first month after launch and two new meditations in honor of World Mental Health Day were released

Evan Spiegel, CEO, Snap Inc. says the focus on delivering value to users and advertising partners is yielding positive results.

He adds, "The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us".