The service in which Storis first appeared was previously popular only in the USA.
In India, in the second quarter of 2021, 125 million unique viewers viewed social network content per day, and the time spent on Snapchat increased by 150% year-on-year, writes The Economic Times.
The company has increased the number of advertisers from India by 70%, but does not disclose advertising revenue. Snap offers advertising on everyday goods, e-commerce, entertainment, video streaming, mobile wallets and others.
According to CEO Evan Spiegel, the company has invested “significant funds” to introduce Snapchat to the Indian market — for example, they have created communities of authors, invested in local products, promotion and language projects.
Snap also announced that it is doubling the volume of trade in India. The company has signed agreements with Flipkart to develop AR functions for online shopping, as well as with Sugar Cosmetics and MyGlamm to introduce virtual fitting rooms. Snap Map allows you to find out about the nearest restaurants and order food from there through your Snapchat profile.
In October, Snap reported revenue below analysts’ forecasts of $1.07 billion. The company explained the drop in privacy changes in iOS — because of this, it became difficult to track the effectiveness of advertising. It also reduced advertising costs due to supply disruptions.
After Snap’s reporting, shares of Facebook, Twitter and other companies that earn money from online advertising fell by 2-6%.