The pandemic changed the way people use Snapchat. It will also shape Snap’s future.
Evan Spiegel has reason to be optimistic. Despite the havoc wreaked by the coronavirus pandemic, his company Snap Inc. saw record growth last year. Snapchat reached 265 million daily active users in the fourth quarter of 2020, and Spotlight—its newly launched TikTok-like service—grew to 100 million daily active users in just a few months. Meanwhile, a whopping 90% of Gen Z in the United States watched Snap original content in the last month, and the company projects 50% annual revenue growth for the next several years.