According to a recent report by comScore, Snapchat is now the third most popular app among millennials (18-34 year olds) at 32.9 percent penetration, lead by Facebook (75.6 percent) and Instagram (43.1 percent) among smartphone users. The app is more popular than Twitter, Pinterest, Vine, Google+ or Tumblr within millennials demographic.
In November 2013, Snapchat’s audience penetration among smartphone-using adults was 12.1 percent, when reports of the Facebook deal began to circulate, explains comScore. But, Snapchat had spurned an all-cash acquisition offer from Facebook for close to USD 3 billion or more, reported WSJ. Facebook and MySpace both began to see their user growth once they hit 15%-20% penetration, But Snapchat is now at 18% penetration among smartphone-using adults, says comScore, mentioning figures from June 2014.
However, deeper analysis on Snapchat data also showed that among 18-24 year olds – Snapchat was already well past and expected to grow rapidly. As comScore says that 25-34 year olds, another important demographic segment was just starting to break out and reach double-digit penetration.
“At this reach threshold, Snapchat has likely established a certain degree of staying power within this demographic segment that gives it some runway to evolve beyond its core value proposition,” said Andrew Lipsman, comScore VP of Marketing & Insights.
“Achieving critical mass is an important step in eventually reaching the winner’s circle, and with Snapchat currently at 18 percent penetration among smartphone-using adults it would appear to be right in that sweet spot. If usage begins to accelerate significantly from this point forward, who knows how big it can eventually get?”
Apart from this, Snapchat has raised five round of investment and secured a total funding of USD 163 million, till date. It is backed by seven investors and launched in May, 2011 by Co-Founders Bobby Murphy and Evan Spiegel. The app allows to take photos, record videos, add text and drawings, and share a moment with friends.
The others apps are also included in this space such as LINE, Kakao Talk, Whatsapp, WeChat, Kik, Tango, Viber and others, which also attracts hundreds of millions of users. Snapchat having four main competitors like 4INFO, Tawkers, Tackk and ChatApp.
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