Social Throwback 2023: Snapchat updates in a glance

Over the year 2023, Snapchat underwent significant changes and introduced a myriad of features. From content control features to the introduction of AI-powered chatbots and augmented reality (AR) features, the platform evolved with the rapidly changing digital landscape. 

Its finances were not left untouched, as reflected in the quarterly earnings reports that revealed both growth and challenges. Adapting to the needs of its diverse user base, Snapchat engaged in strategic partnerships, expanded its advertising capabilities, and ventured into experimental phases, such as the incorporation of sponsored links in its AI chatbot. 

Snap Inc. marked a significant milestone with its first-ever APAC AR Day in Mumbai, India. The event featured a candid fireside chat between Evan Spiegel, CEO and Co-Founder, Snap and Ajit Mohan, APAC President, Snap. The conversation centered around key themes such as the global adoption of AR by consumers and brands, the rich creative talent pool in India, the future trajectory of AR technology, and Snap's approach to driving transformative changes in the AR landscape.

This year-in-review encapsulates the key milestones, product launches, and financial highlights that defined Snapchat's dynamic journey throughout the twelve months of 2023.

January

• Snapchat+ introduced new exclusive features including priority story replies to make Snap Stars' story replies more visible and post view emoji as a signature for signing off Snaps.

• Users could now give their Bitmoji background more flair with special backgrounds like gleaming gold and a beach paradise.

February

• Snap Inc. released its Quarter Four (Q4) earnings report for the year 2022, showcasing an increase in daily active users, Snapchat+ gaining two million paid subscribers, and a revenue of $4.6 billion with 12% growth.

March

• Rolled out Content Controls feature under the Family Center tool to prevent teens from accessing potentially inappropriate content.

• Snap Inc. introduced AR Enterprise Services to allow businesses to integrate Snap's AR technology into their own collaterals, engage with consumers, and aim to drive better business results.

April

• Snapchat launched My AI, an AI-powered chatbot available to all Snapchat users for free, with the ability to be added to group chats and recommend AR filters. It could be added to group chats by mentioning it with an @ symbol, and Snap would let people change the look and name of their bot with a custom Bitmoji avatar. In addition, My AI could recommend AR filters to use in Snapchat’s camera or places to visit from the app’s map tab. 

• Released a revised version of My AI with safety enhancements and improvements.

• Snap Inc. released the Quarter One (Q1) earnings report for the year 2023, reaching 383 million daily active users.

May

• Snapchat returned to the IAB NewFronts and introduced new solutions for advertisers, new content partnerships, and new ways to work with creators on Snapchat.

• Advertisers could reserve the first video ad between Friend Stories that Snapchatters see, and in the US, it offered a potential daily reach of nearly 50 million. Early partners running First Story ads included Louis Vuitton, Warner Brothers, and more.

• Ads in Spotlight were made available for all advertisers globally. With over 350 million users consuming Spotlight content every month, to help bring brands closer to the Snapchat audience on this new surface.

• Brands and creators could work together with the US launch of Snap Star Collab Studio, a turn-key end-to-end service for brands to source, partner, and drive results with Snap Stars.

• Snap Inc. announced a milestone of over 200 million monthly active Snapchatters in India, one of the company’s leading global growth markets.

June

• Snap Research developed a new model called SnapFusion that shortened the model runtime from text input to image generation on mobile to under two seconds. 

July

• Snap Inc. reported its second-quarter earnings report for the year 2023 and saw revenue of $1,068 million, a 4% year-over-year decline, and 397 million daily active users.

August

• The platform planned to add 'Dreams' in its AI features, allowing users to place their selfies in AI-generated backgrounds.
  

September

• Snapchat partnered with Microsoft to experiment with incorporating ads in My AI Chatbot, providing sponsored links for user inquiries.

October

• Snapchat reported Q3 revenue of $1.19 billion with a net loss of $368 million and added 9 million daily users, reaching an average of 406 million users.

November

• Snap introduced Lens Studio 5.0 Beta with advanced AR development features and AI capabilities, including a 3D face mask generator.

• Partnered with Amazon to allow users to buy products directly on Snapchat.

• Tested an ad-free subscription plan, aiming to remove ads from stories and Lens ads.

December

• Announced that Snapchat+ surpassed $20 million in monthly revenue.