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<ul><li><keyword id="3683497" type="General" weightage="20" keywordseo="snap-inc" source="Orion">Snap Inc</keyword>. in its latest earnings report said <keyword id="6358096" type="General" weightage="20" keywordseo="snapchat" source="Orion">Snapchat</keyword> now has 319 million daily active users.</li><li>The company also reported a 64 per cent increase in revenue to reach $4.1 billion.</li><li>Snap CEO Evan Spiegel in the earnings call termed the company’s expansion in India a success.</li></ul>Snap Inc., the parent company of <a href="https://www.businessinsider.in/stock-market/news/snap-twitter-and-pinterest-sink-as-facebook-parent-metas-q4-earnings-shock-hits-social-media-stocks/articleshow/89325149.cms" data-type="tilCustomLink">Snapchat</a> has finally become profitable after launching in 2011. The company reported a 64 per cent increase to $4.1 billion revenue for the quarter ending December 2021. Snapchat also reached 319 million daily active users (DAUs), up from 306 million in the previous quarter. “The fourth quarter marked the end of an exciting and productive year for Snap. We grew our community, expanded our product offerings and demonstrated the power of our augmented reality platform, both inside and outside of the Snapchat application,” CEO Evan Spiegel said in the earnings statement. In terms of user base, Snapchat’s largest revenue still comes from North America and Europe. The other markets are categorised as “Rest of World” which also includes <a href="https://www.businessinsider.in/tech/news/snapchat-reaches-100-million-monthly-users-in-india/articleshow/87299727.cms" data-type="tilCustomLink">India</a>, a market it started expanding on in 2019. Speaking of which, Spiegel said, “Our expansion efforts in India continue to prove successful and we are using our learnings to inform how we approach community growth in new geographies.” Snapchat for the first time reached 100 million monthly users in India last year. It also partnered with Flipkart and cosmetics companies Sugar Cosmetics and MyGlamm for AR experiences and virtual try-ons. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">App </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Daily Active Users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Snapchat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">319 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.929 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Instagram </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">500 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TikTok </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 billion </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><cmsannotation type="cmsannotation" annotationid="Growth areas" comment="subhead" text="Growth areas">Growth areas</cmsannotation> Snap is one of the early pioneers when it comes to augmented reality (AR) products. Spiegel said that over 200 million engage with AR on Snapchat everyday and its community engages with AR lenses more than 6 billion times per day. Spiegel also highlighted the Spectacles AR glasses that it launched earlier this year. “Hundreds of Creators from 30 countries have now developed AR Lenses for Spectacles, overlaying computing on the world in an immersive and interactive way,” Spiegel said. The AR glasses though are not commercially available like its previous generations which offer only camera recording capabilities. In addition to areas like Discover for content, Spiegel said Spotlight, Snapchat’s TikTok-like short videos platform is growing rapidly. In the last quarter, Spotlight viewers subscribing to Snapchat creators increased twice as much as the previous quarter. There’s also a 3x increase in monthly posts by creators compared to when it launched a year ago. Disclaimer : Both Snap and Business Insider operate in partnership with Times Bridge in India SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-patent-reveals-the-company-is-working-on-a-rollable-display-mobile-phone/articleshow/89338444.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/tech/news/facebook-blames-prepaid-tariff-hike-in-india-for-slow-user-growth/articleshow/89321413.cms" data-type="tilCustomLink">Facebook blames prepaid tariff hike in India for slow user growth</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-patent-reveals-the-company-is-working-on-a-rollable-display-mobile-phone/articleshow/89338444.cms" data-type="tilCustomLink">After foldable phones, the next big upgrade from Samsung could be a rollable design</a>

Snap CEO credits AR lenses, short videos for its first profit in over 10 years — says India expansion was 'successful’

<ul><li><keyword id="6358096" type="General" weightage="20" keywordseo="snapchat" source="Orion">Snapchat</keyword> now has a monthly reach of 100 million users in India.</li><li>The company announced this milestone at its second ‘<keyword id="12397826" type="General" weightage="20" keywordseo="snap-in-india" source="Orion">Snap in India</keyword>’ event today.</li><li>It also announced AR partnerships with Flipkart, Zomato, Sugar Cosmetics and MyGlamm.</li></ul>Snap Inc., hosted its second ‘Snap in India’ event on Wednesday, where its Chief Executive Officer (CEO) <keyword id="1659524" type="General" weightage="20" keywordseo="evan-spiegel" source="Orion">Evan Spiegel</keyword> announced a major milestone of <a href="https://www.businessinsider.in/tech/apps/news/snapchat-app-witnesses-over-150-growth-in-daily-active-users-in-india/articleshow/85394136.cms" data-type="tilCustomLink">Snapchat</a> reaching 100 million monthly users in India. This is a big jump from the 60 million user base it revealed earlier this year. The company also announced partnerships with Flipkart, Zomato, Sugar Cosmetics and MyGlamm to integrate its AR technology into these platforms. Snap did not reveal its daily active users (DAUs) or monthly active users (MAUs) for Snapchat in India but it said that the app has been witnessing over a 100% growth in DAUs. “For the last seven quarters we’ve been growing at more than 100% when it comes to our daily active users,” Nana Murugesan, managing director of international markets at Snap Inc., told Business Insider in an interview. The app has been witnessing an upward trend in numbers ever since Snap opened its first India office in 2019. It also became the fifth most downloaded social media app in India, according to App Annie. But the app is yet to break into the mainstream social media scene. On this Murugesan said, “We’ve always never looked at ourselves as a traditional platform. We’ve always taken a very innovative approach. The good news is once our community embraces us we see really good stickiness. The retention metrics are very strong so we’re kind of happy with that. We’re happy that every platform has its own place. We’re happy with where we are with respect to doubling down on a creation first approach, a camera first approach and then using that as a way to drive those human connections.” In India, the two key areas where Snapchat is seeing the most growth are augmented reality (AR) and chatting. “One thing which is great about India is that people are really embracing augmented reality and the camera so definitely the camera is extremely engaging and very very strong. As we invest more and more in that particular area that’s seeing very healthy and strong growth.” Murugesan also attributes content partnerships as an accelerator for the platform’s growth in India. At the event, Snap announced that it is partnering with e-commerce platform Flipkart that will use <keyword id="9484375" type="General" weightage="20" keywordseo="snapchat-ar" source="Orion">Snapchat AR</keyword> for an immersive shopping experience. Snapchat users will also get to virtually try on makeup from Sugar Cosmetics and MyGlamm. Zomato is also coming to Snapchat with the food aggregator integrated into Snap Map, which is an in-app map. Snapchat users will have access to restaurant information including hours of operation, locations, contact details, customer reviews, menus, and photographs. They will also be able to place food orders from Snapchat itself. Another key area of partnership and growth for Snapchat is with Android OEMs (Original Equipment Manufacturer). India is now the first and only market where Snapchat is pre-installed in over 100 million devices. The company has successfully partnered with all the top Android OEMs to pre-install its app on their devices. It recently announced a first-of-its-kind partnership with Google for the Pixel 6 series where the app opens from the lock screen itself. Murugesan did not reveal if we will see such a partnership with more OEMs, but he did say that the company is “talking to multiple partners“ and wants to “bring this to as many partners as possible”. Snapchat has also integrated its AR filters into the camera app of the JioPhone Next smartphone that’s due to launch next week. Going forward, Snap plans to double down on community engagement through AR in India, and help creators monetise on the platform. “We initially focused on helping creators build their audiences, but now we are helping them monetise too. We’re actually introducing features where fans of creators can gift them. So if you like a creator or really enjoyed something you can give a gift so that’s a way of monetisation. We’re also connecting creators directly to brands through our creator marketplace and 100% of the transaction goes straight to the creator,” Murugesan said. The company also has big plans for content and gaming in India. Phone Swap India, the first non-English Snap Original has been confirmed for two more seasons. We will also see exclusive creator shows with Shehnaaz Gill, Avneet Kaur, Harsh Beniwal and Sushant Divgikar. After the launch of Ludo Club, Snap will now launch another Indian favourite - carrom. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/cisco-unveils-webex-hologram-to-make-virtual-meetings-more-immersive/articleshow/87298550.cms" data-type="tilCustomLink">Cisco wants to make virtual meetings more immersive with real-time holograms of actual people just like sci-fi movies</a> <a href="https://www.businessinsider.in/tech/news/apple-glasses-may-feature-a-direct-retinal-projector-that-could-project-a-screen-over-users-eyeballs/articleshow/87297612.cms" data-type="tilCustomLink">Apple glasses may feature a direct retinal projector that could project a screen over user’s eyeballs</a>

Snapchat reaches 100 million monthly users in India, partners with Flipkart, Zomato and MyGlamm for AR integrations

<keyword id="6358096" type="General" weightage="100" keywordseo="snapchat" source="Orion">Snapchat</keyword> sharing for <keyword id="1308911" type="General" weightage="80" keywordseo="youtube-music" source="Orion">YouTube Music</keyword> was enabled on iOS in October and now a new report has claimed that it is available on <keyword id="6355645" type="General" weightage="20" keywordseo="android" source="Orion">Android</keyword>. The first indication that YouTube Music might be able to share songs to Instagram and Snapchat emerged in November of 2020, reports 9To5Google. When you open the share sheet in YouTube Music for Android and tap Snapchat, you will be able to send whatever you are listening to on Snapchat. The artwork for the album, the artist's name, the app logo, and a link to listen to the music are all included. Snapchat has also started rolling out a new feature to let users share their real-time location for 15 minutes or a few hours with friends. The feature is supposed to be a temporary buddy system while friends and family are on the way home or elsewhere. "Make sure you and your friends get home safely with temporary location-sharing," Snapchat posted in a tweet late on Friday. The feature is similar to the Find My app on iOS, where users who've opted in can see and share precise location. Snapchat has 319 million daily active users (DAUs) -- a 20 per cent growth (on-year). The instant messaging platform Snapchat has crossed 100 million monthly users in India. SEE ALSO: <a href="https://www.businessinsider.in/international/news/snapchat-has-temporarily-disabled-its-heat-map-of-snaps-in-ukraine-russia-could-have-used-the-information-to-identify-areas-where-ukrainians-are-concentrated-/articleshow/90023422.cms">Snapchat has temporarily disabled its heat map of Snaps in Ukraine. Russia could have used the information to identify areas where Ukrainians are concentrated.</a>

YouTube Music users can now share songs on Snapchat

<keyword id="6358096" type="DEFINITION" weightage="20" keywordseo="snapchat">Snapchat</keyword> has announced that it now has 293 million daily active users in the second quarter this year, an increase of 55 million year-over-year. Snap, the parent company of Snapchat, said that its revenue increased 116 per cent to $982 million in Q2 2021 compared to the prior year. The company said that its net loss improved 53 per cent to $152 million in Q2 2021, compared to the prior year. "Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years," said <keyword id="1659524" type="PERSON" weightage="20" keywordseo="Evan-spiegel">Evan Spiegel</keyword>, CEO. "We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world," he added. The DAUs increased sequentially and year-over-year in each of North America, Europe and rest of the world. "DAUs increased sequentially and year-over-year on both iOS and <keyword id="6355645" type="UNKNOWN" weightage="20" keywordseo="Android">Android</keyword> platforms. We invested and innovated in our camera and augmented reality platforms, the company informed. The company launched a record 177 new international Discover Channels, including 36 in the UK and 24 in India, one of which is a partnership with <keyword id="3132005" type="PERSON" weightage="20" keywordseo="Sony-Pictures-Network">Sony Pictures Network</keyword> to launch five <keyword id="4805" type="PERSON" weightage="20" keywordseo="shows">Shows</keyword>. "We improved several try-on capabilities with Lens Studio 4.0, including multi-person 3D body mesh, advanced cloth simulation, and a new visual effects editor for more realistic Lenses," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zomato-and-swiggy-are-best-food-delivery-apps-in-the-world-says-zomatos-ceo/articleshow/84668175.cms">Zomato and Swiggy are best food delivery apps in the world, says Zomato’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-shares-fall-as-sc-rejects-agr-dues-re-computation-appeal/articleshow/84668288.cms">Vodafone Idea sinks nearly 10% and Airtel tumbles a bit after India’s Supreme Court denies a discount on past dues</a>

Snapchat records highest growth in users since going public in 2017

<keyword id="24754" type="ORGANIZATION" weightage="60" keywordseo="snap">Snap</keyword>'s revenue for Q3 blew away analysts' expectations and sent its stock booming in after-hours trading late Tuesday.<keyword id="6358096" type="DEFINITION" weightage="60" keywordseo="snapchat">Snapchat</keyword>'s parent company said it generated $678.7 million in revenue in the third quarter, up by 52% year-on-year. The reported revenue beat Wall Street analysts' consensus by more than $100 million.In after-hours trading, Snap's stock shot up more than 20%.Here are the key numbers, as well as the average analyst estimates, via Bloomberg:<ul><li>Revenue: $678.7 million, up 52% year-on-year (vs $559.2 million estimate)</li><li>Daily Active Users: 249 million, up 18% year-on-year (vs 244.6 million estimate)</li><li>Earnings Per Share (adjusted): 1 cent (vs estimated loss of 5 cents)</li></ul>Snap's third quarter has historically been successful: Last year, the company <a href="https://techcrunch.com/2019/10/22/snapchat-earnings-q3-2019/">saw a 50% increase in revenue</a> and 13% increase in DAUs. In a call with investors Tuesday night, Snap CEO Evan Spiegel said the company reported year-over-year Q3 growth rates for both revenue and daily active users that are higher than they've been since 2017.The jump in revenue growth by Snap could signal optimism for the rest of the tech industry as it continues to stymie the effects of the coronavirus pandemic. Snap's third-quarter earnings come more than a week before tech giants like Facebook and Google release their own.Like many tech companies, Snap relies on revenue from brands, whose pandemic-related financial slowdowns were expected to have a domino effect on ad buyers. However, digital ad spending has since started to trend back up across the board, boosting the revenue of social networks like Facebook, TikTok, and Snapchat.Further, social-distancing guidelines and stay-at-home orders have helped to boost consumer tech's usage numbers. Snap added 39 million DAUs globally, marking 18% growth year-over-year.The biggest uptick in DAUs came in Snap's international presence outside of North America and Europe. Snap saw 43% year-over-year growth in "rest of world," the term it uses for its presence in countries like India, Brazil, and the Phillipines. However, the company is <a href="https://www.thestreet.com/investing/snap-is-finding-that-profitably-supporting-emerging-markets-isnt-easy#:~:text=On%20an%20annual%20basis%2C%2021,%E2%80%9CRest%20of%20World%E2%80%9D%20countries.&amp;text=Source%3A%20Snap.,than%20doubled%20annually%20in%20Q2.0Q2.">still struggling to monetize</a> those new users in emerging markets: Snap reported in Q3 a 6% decrease in average revenue per user.Snap again declined to provide financial guidance on its estimates for Q4 due to "given the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions." In Tuesday night's call, Snap chief financial officer Derek Andersen said the company expected percentage growth in both revenue and DAUs in Q4 similar to that it reported this quarter.Looking forward, the company is in the process of rolling out its one of its biggest format changes. The company unveiled at its Snap Partner Summit in June that it was adding a navigation bar to help Snapchat users easier find and access the deluge of features added to the app. Spiegel disclosed Tuesday that the navigation-bar update is the first time the company has "prototyped and launched" a redesign first on Android — a userbase <a href="https://www.businessinsider.com/snapchat-android-app-update-2019-4">the company notoriously alienated with</a> a Snapchat app known for frequent crashing and poor camera quality. Snap released its overdue revamp to its Android app last year.

Snap crushes analysts' Q3 revenue expectations, sending its stock soaring

<ul><li>Once a hub to Millennials and GenZ, Facebook is now perceived as a ‘boomer network’ by young internet users.</li><li>Meta’s Mark Zuckerberg has reiterated time and again that he wants to ‘cater more towards young people.’</li><li>It has even replicated Instagram’s success model by launching video editing tools and Reels, but can it ever entice young people in India? We speak to social media experts, GenZ internet users and GenZ Content Creators to find out.</li></ul>In its July-September 2021 quarterly earnings conference, Meta’s cofounder Mark Zuckerberg seemed a little worried. He was vocal about it, too. He wants to see a shift. A shift that would take years. “We are retooling our teams to make serving young adults their North Star rather than optimising for the larger number of older people,” Zuckerberg <a href="https://s21.q4cdn.com/399680738/files/doc_financials/2021/q3/FB-Q3-2021-Earnings-Call-Transcript.pdf">said</a>. Meta’s social media firm Facebook is losing its popularity among teens and young adult users across its key markets, according to numerous studies. They are jumping to other social media platforms. This slow departure of young users, increasing data privacy concerns and rising cost per impression threaten <a href="https://www.investopedia.com/news/facebook-google-digital-ad-market-share-drops-amazon-climbs/">Facebook’s advertising business</a>, as it could lose its grip on social media ad spend. Business Insider India spoke to content creators and young internet users born between 1997 and 2012, who are also known as Generation Z, and social media experts, who believe Facebook has lost its fame to the perception war and might not see a revival. To pique the young audience’s interest again, Facebook has replicated various social media formats that have worked for other platforms. It is almost like Joey from popular sitcom Friends believing that he can pass for 19 by simply replicating what young people wear. <div type="image" title="Friends meme for Facebook story" msid="90206584" hostid="261"></div> Facebook’s 360-degree photo format was allegedly derived from YouTube, Facebook Stories was apparently inspired by Social Media Platform Snapchat and its most recent feature Reels is from its sister platform Instagram, which is seemingly a Short-form Video Platform, TikTok’s clone. Facebook bought Instagram for $1 billion 10 years ago to stay ahead of the game, for the exact same reason. From adding Reels to introducing virtual reality, does the recent revamp speak to Zuckerberg's concerns about the company losing its popularity among young consumers? Well, the fear of a major technology company losing its young users has already spread internally. A <a href="https://www.bloomberg.com/news/articles/2021-10-25/facebook-files-show-growth-struggles-as-young-users-in-u-s-decline">whistleblower’s Securities and Exchange Commission </a>(SEC) complaint had revealed last year that the time spent for U.S. teenagers on Facebook was down 16% year-on-year and that young adults in the U.S. were also spending 5% less time on the social network. Another report by Statista says that <a href="https://www.statista.com/statistics/309166/boomer-senior-social-networks/">Facebook has been overrun by Baby Boomers</a>, people born between 1946 and 1964. Market research company eMarketer has also downgraded its estimates for Facebook's young user growth in France and Germany. It said that the percentage of teenagers on Facebook in Germany will <a href="https://www.emarketer.com/content/facebook-losing-younger-users-in-germany-and-france">drop </a>to just more than one-third compared to 2019, with usage among ages 34 and younger declining through 2023. It goes on to say that teenagers using Facebook in France will drop to 27.9 million by 2023. The story is similar in India, which is Facebook’s biggest market in terms of size with 340 million monthly active users (MAUs). It has lost 2.7% of GenZ users and 1.9% millennials in 2022 than 2018 and added more older users. As per Napoleon Cat, a research firm for social media analytics, Facebook had 36% GenZ users in 2018 and it has come down to 33.3% in February 2022. It has been on a steady decline. Just a month ago, Zuckerberg had announced that Facebook witnessed its first-ever decline in users across the world. The daily active users (DAUs) on Facebook were down to 1.92 billion between Oct-Dec, Q4 of 2021 from 1.93 billion in Q3 2021. App store optimization tool and analytics firm AppTweak also reported that GenZ prefers Instagram over Facebook. <div type="image" title="age-distribution2 (1)" msid="90206593" hostid="261"></div> Karan Lakhwani, head of business development in India for AppTweak says, “Retention data on Facebook suggests that it retains over 70% of its new users for over 0 days. On the other hand, Instagram retains 82% of its users for over 30 days. These metrics suggest a high engagement and low churn on Instagram. While over 70% retention is amazing, Facebook loses to Instagram on retention of new users in India.” <div type="image" title="historical-retention (1)" msid="90206618" hostid="261"></div> Other social media platforms are winning the attention war Teens, GenZ and the cohort after them, Millennials make up about <a href="https://www.statista.com/statistics/751005/india-share-of-internet-users-by-age-group/#:~:text=Around%2054%20percent%20of%20the,the%20total%20internet%20user%20base.">65%</a> of the total internet user base and the platforms and brands that these people choose are considered <a href="https://www.theguardian.com/media/2005/oct/10/mondaymediasection9">‘cool</a>, aspirational and desirable’ by other age groups. As per Consulting firm Deloitte, GenZ and Millennials are also the largest <a href="https://www2.deloitte.com/content/dam/Deloitte/in/Documents/about-deloitte/in-deloitte-millennial-survey-2021-India-report-noexp.pdf">demographic </a>groups in India and they hold high levels of <a href="https://www.bloomberg.com/news/articles/2021-11-17/gen-z-has-360-billion-to-spend-trick-is-getting-them-to-buy">disposable </a>income globally. So Zuckerberg's concern to stop this slow leak of young users is not really a surprise. Despite the company’s efforts to stay relevant, GenZ internet users interviewed by Business Insider India gave a variety of reasons for rejecting Facebook, including its outdated user interface and the platform’s increasingly older demographic. Shraddha Khaire, a 23-year-old from Mumbai, says she only uses Facebook to share work-related updates and says that Facebook “shouldn’t try to win back GenZ at all.” “But if they [Facebook] really want to – they can leverage newer trends and work with young brands. Facebook has now become just another social media platform that we have an account on – much like LinkedIn. I only use Facebook if I have a work-related update to post or a life update for that matter. I believe the reason why Genz audience is spending less and less time on Facebook, is because they want more – more ways to socialise, share posts, photos, messages, etc, and just like you move on from one thing to the other, I gradually moved on from Facebook to Snapchat and Instagram and more.” GenZ internet user, Pranav Krishnan, head of culture, communications and corporate social responsibility at advertising agency Schbang, has significantly decreased his time spent on Facebook. He prefers other networking platforms like LinkedIn and Instagram. “I believe Facebook doesn’t have much of a chance to bring GenZ back to the application unless they integrate the same with Instagram and drive all the content through one application. The other way around would be to pivot the application in the virtual world of the Metaverse which may bring back the GenZ users. Users directly join Instagram, Snapchat, LinkedIn rather than Facebook, which used to be the thing earlier. GenZ is quite energetic, they prefer anything that helps with convenience, adds value/a unique perspective to their lives and Instagram and Snapchat have been able to do just that,” says Krishnan. Urvi Dalmia, account manager at digital marketing agency 22Feet Tribal Worldwide, says Facebook had its time and it is Instagram’s time now. She is on Facebook because her job requires her to be active there. “We don't ask people if they'll switch back to CDs/DVDs to watch movies instead of streaming them on Netflix. For me, it's about the relevance of the app. Facebook is not adding any value to my life, I'd rather not go back. I still have the Facebook app only because I'm in digital marketing and I require it for professional reasons. I would've left the app long ago otherwise. Also, Facebook doesn't have content that interests me anymore. It's just old videos/news/old listicle links, etc. I think one of the reasons we left Facebook was also our parent's involvement in our social media lives. We did not want their interference so we moved to apps that were new and young.” Can Facebook woo young content creators? Whether it is Facebook’s recent addition of Instagram’s short-form video format Reels onto its platform or investing over $1 <a href="https://about.fb.com/news/2021/07/investing-1-billion-dollars-in-creators/">billion </a>in creator programs, it is clear that Facebook is trying to build its own influencer community and trying to leverage on the boom in the creator economy. However, is it late to the game? “Facebook for a while, if I talk in the sense of fashion, became something like the 2000s’ low waist jeans. Something everyone knows about, but no one is actively trying it out,” says Tarini Shah, a GenZ digital content creator. She believes that there’s still hope. “I think Facebook can get Genz onboard because the early Genz was on Facebook for a while before Instagram became ‘the thing.’ Facebook is perceived as a platform where parents post updates about their grandchildren and random things, which we really aren’t interested in. GenZ chases quality content; something to keep their minds engaged or escape from reality,” adds Tarini. She suggests that Facebook can attract GenZ creators and new audiences through exclusive content series like YouTube Originals. “It can get the audience to at least open the app and then further convince them it isn’t just some place where you go to get your ‘throwback Thursday’ photos.” For Dev Raiyani, an Indian GenZ digital content creator based in the US, Facebook was the first social media app he ever used, but he grew out of it slowly as TikTok and Instagram came into the picture. He found it more easily accessible and usable. He said that more focus on artificial intelligence (AI) can get Facebook more attention from young users. “I wouldn’t lie, Facebook is perceived as a ‘boomer network’ by young people. But the switch to <a href="https://www.businessinsider.in/tech/news/facebook-is-changing-its-name-to-meta/articleshow/87346459.cms">Meta </a>really changed my perspective on it. Our generation is super into cryptocurrency, NFTs [non-fungible tokens], games and seeking all those in the metaverse is amazing,” says Raiyani. Urjita Wani, a 23-year-old comedian and script writer based in Mumbai, spends three to four hours a day on Instagram and uses Facebook once in a blue moon. She describes her relationship with Facebook as, “It has become like my house’s door now; doesn’t get too many visitors and I can only answer it when it rings.” “As a comedian with a public profile on Instagram, I don't think I can really control who checks out my content. But I joined Instagram when it had launched because it was a new, interesting platform. And back then, I had the mental space and time to try out new social platforms unlike now (sorry, Clubhouse). Of course, one of the many reasons why I stopped using Facebook was because my relatives would inundate my feed with their likes, comments and tags. Also, I didn't want them to pry into my social life,” shares Wani. The only way, Wani says, Facebook will entice her back into the platform is if it recognises Instagram's shortcomings and updates itself accordingly. Digital advertising agency SoCheers’ founder and director of operations, Siddharth Devnani, also said he prefers Instagram because he can be “edgy there.” To woo young consumers, Devnani said, the platform will have to change its perception. “I am a grown up and I still try to be much more parent-friendly on Facebook than on Instagram. That’s how the platform is positioned. Even if my parents follow me on Instagram, I would be okay to do a little edgier stuff on Instagram than on Facebook. But it is not like Instagram is the answer. Your content depends on your network; who is going to see it. Teenagers do much edgier stuff on Snapchat too. Facebook has also struggled with misinformation campaigns, it is pretty heavy on news and religious content is higher there -- and that perception is going to be very hard to break,” Devnani says. “Facebook will not see a revival, regardless of what Meta throws at it, inspired by Instagram,” says Karthik Srinivasan, a social media expert and communications consultant. “I don't think teens or GenZ may be going to what Meta believes is the next-big-thing. To some extent, Meta has already lost the perception war to TikTok. To some extent, I feel Meta may have internalised this too given how much more Instagram is now like Facebook in terms of traction among the most important user base. I also think that Meta has been consistently making future-looking bets to manage the dwindling interest in the social products it launches – Instagram was a hedge against Facebook, and Metaverse is a hedge against Instagram, and so on.” The reason why he thinks the older audience is still on Facebook is because of familiarity and ease of use. “I believe Gen-X and Boomers are using Facebook (as also WhatsApp) more out of habit than any conscious interest. This is because all the people they know and interact with frequently are on those platforms. If another platform brings people together and gains traction (the way TikTok did in the US), the GenX may still stay on their Facebooks [sic] because of their friend circle. But this won't be seen as growth by Meta that constantly wants the younger bunch to actively use their platforms and buy things through them.” Following the publication of internal documents, Facebook has been weathering a series of scandals and has been working on fixing its brand image. By the time it fixes its loopholes, there will be another social media app in the market that GenZ will declare as its new ‘low waist jeans.’

Facebook wants to bring back young adults on its platform but they say there’s nothing much it can do to win them

GettySnap Inc says is has "nothing to hide" from a lawsuit filed by a former employee who claims the company inflated key user metrics ahead of its IPO.The former employee, Anthony Pompliano, <a href="http://www.businessinsider.com/fired-snapchat-employee-pompliano-lawsuit-ipo-2017-1">first sued Snap in January</a>, alleging that the company falsified its growth metrics. He claimed to have been abruptly fired in 2015 after he raised the issue with senior leadership at the company.Snap, which makes the Snapchat app popular with teens, has so far fought to keep the majority of Pompliano's complaint, which describes his allegations in detail, heavily redacted. Pompliano <a href="http://www.businessinsider.com/fired-snapchat-employee-wants-to-unseal-lawsuit-about-snapchat-user-metrics-2017-4">asked to make his full allegations public last week</a>, and on Tuesday Snap obliged by unsealing his original complaint.The now-public details of Pompliano's tumultuous, three-week tenure at Snap include allegations that the company lied about having 100 million daily active users in 2015 and inflated other user metrics. His complaint also describes multiple interactions with Snap leadership, including a meeting in which CEO Evan Spiegel allegedly said that the app is "only for rich people."Here are the highlights:<ul><li>While he was being recruited from Facebook to lead Snap's growth team in 2015, Pompliano alleges that Snapchat executives falsely told him that the app had reached over 100 million DAUs and was seeing double-digit, month-over-month growth. He also claims that Snap printed the number on brochures to show advertisers and shared the false stat with investors.</li><li>After joining Snap, Pompliano claims that he uncovered a "wide-spread, systematic failure in Snapchat's internal controls over its user data." Instead of showing over 100 million DAUs, he says that one analytics system Snapchat used called Flurry showed 97 million DAUs, while another called Blizzard showed 95 million.</li><li>Pompliano also claims that Snap chief strategy officer Imran Khan asked him to violate a non-solicitation and non-compete agreement he signed with Facebook. "Mr. Khan called Mr. Pompliano into his office for a meeting on September 4, 2015, and demanded that Mr. Pompliano draw a detailed organizational chart of Facebook, name the key employees, and identify which ones were particularly talented and could be poached by Snapchat," according to the complaint.</li></ul>Getty/Michael KovacSnap CEO Evan Spiegel.<ul><li>While other executives boasted of Snapchat's user growth, Pompliano alleges that "DAU growth was actually often flat" and sometimes ranged from 1-4% per quarter between January and September 2015. </li><li>While Snap claimed to have 40% retention rate (a metric for how many new users continue to use a service), Pompliano says he found Snapchat's actual retention rate to be "closer to 20%."</li><li>Evan Spiegel and other executives allegedly boasted that 87% of users completed the app's registration process, but the data showed the real number to be less than 40%, according to Pompliano.</li><li>During a September 2015 meeting with Pompliano and Snap executives, Spiegel allegedly said that it was "no big deal" that the company had inflated its DAUs. Pompliano said he proposed ideas about adding users in international markets that already heavily used other social networks, like Spain and India. "This app is only for rich people," Spiegel allegedly responded. "I don't want to expand into poor countries like India and Spain."</li></ul>Snap has said that Pompliano is a "disgruntled former employee" and that his claims are without merit. A spokesperson declined to comment further when reached by Business Insider on Tuesday.Pompliano's lawyer, John Pierce, said in a statement on Tuesday that Snap withdrew its motion to seal his complaint because the company knew "it was flat wrong on the law and would lose its motion in court."Snap has filed a motion to return Pompliano's lawsuit to private arbitration, where the litigation began before he filed publicly in LA court in January. The judge has yet to rule on Snap's request. Get the latest Snap stock price<a href="http://markets.businessinsider.com/stock/SNAP-Quote"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/story-snap-ceo-evan-spiegel-fabulous-life-snapchat-miranda-kerr-2017-1">The fabulous and charmed life of 26-year-old self-made billionaire, Snap CEO Evan Spiegel</a></h3> Please enable Javascript to watch this video

Snapchat says it has 'nothing to hide' from lawsuit that claims it inflated growth metrics

Getty Snap CEO Evan Spiegel. A former employee who claims Snap Inc. lied to investors ahead of its initial public offering has escalated his lawsuit against the company and is seeking protection under whistleblower laws.Anthony Pompliano, who served as Snap's growth lead for three weeks in 2015, is transferring his suit against the company from state to federal court, demanding a trial by jury and seeking damages of at least $10 million, according to a complaint seen by Business Insider that will be filed Tuesday in the U.S. District Court for the Central District of California.Pompliano's lawsuit names Spiegel, Snap Director of Revenue Brian Theisen, and Chief Strategy Officer Imran Khan as defendants.Additionally, Pompliano is filing for protection under the whistleblower provisions of the Dodd-Frank finance reform law. Those provisions apply to company employees who have come forward with information under the reasonable belief that their company committed fraud against shareholders.Pompliano <a href="http://www.businessinsider.com/fired-snapchat-employee-pompliano-lawsuit-ipo-2017-1">first sued the app-maker in January</a> for allegedly "falsely misrepresenting" several key user metrics to outside investors. He also claimed that Snap conducted a "smear campaign to ruin his career" after he was fired.Many of the details surrounding Pompliano's tumultuous three-week tenure at Snap were revealed when the company said it had "nothing to hide" and <a href="http://www.businessinsider.com/snapchat-unseals-anthony-pompliano-lawsuit-over-user-growth-metrics-2017-4">unredacted his original complaint in April</a>. But his new, 45-page complaint includes slides from a presentation he claims to have given Snap CEO Evan Spiegel and other executives about the company's need to address its conflated app metrics.Court document A slide from a presentation Pompliano allegedly gave to Snap management. He claims that other employees, including Brian Thiesen and Snapchat data scientists, helped assemble the presentation. Here are a few of Pompliano's other key allegations:<ul><li>In early 2015, Snapchat was telling investors it had 100 million daily active users (DAUs). But Pompliano claims the true number was "closer to 80 million."</li><li>Between January and September 2015, Snap allegedly projected it was experiencing double-digit, month-over-month growth in DAUs. But according to Pomplianco's complaint, the app's growth rate during that period was "often flat, or at times ranged from 1% to 4% per quarter."</li><li>Snap management overstated by more than 100% how many people completed the app's registration process, according to the suit.</li><li>Company management also overstated the portion of users who continue using the app seven days after signing up, Pompliano claims. While Snapchat management claimed its retention rate was roughly 40%, the actual figure was closer to 20%, the suit states.</li><li>Snap chief strategy officer Imran Khan asked Pompliano to violate a non-solicitation and non-compete agreement he signed with his former employer, Facebook, the suit claims. According to the filing, Khan asked Pompliano to "draw a detailed organizational chart of Facebook, name the key employees, and identify which ones were particularly talented and could be poached by Snapchat."</li></ul>Snap has <a href="http://www.businessinsider.com/snap-fires-back-at-ex-employee-who-alleged-it-inflated-its-numbers-pre-ipo-2017-1">disparaged Pompliano's allegations</a> in public statements and court filings, calling him a "disgruntled former employee" whose claims are "without merit." <a href="http://www.businessinsider.com/snapchat-denies-ceo-said-app-is-only-for-rich-people-not-india-2017-4">The company faced heated criticism</a> after Pompliano's complaint revealed that Spiegel had allegedly said Snapchat was "only for rich people" and he didn't "want to expand into poor countries like India and Spain." Snap has called the alleged comment "ridiculous." Get the latest Snap stock price<a href="http://markets.businessinsider.com/stock/SNAP-Quote"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/snaphat-tech-stock-buy-sell-henry-blodget-2017-4">How to know if Snapchat stock is a buy or a sell</a></h3> Please enable Javascript to watch this video

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