Evan Spiegel isn’t going down without a fight.
, Snap CEO Evan Spiegel told employees this week how the company plans to still grow its revenue and user base next year.Spiegel said the company aims to grow Snapchat’s user base by 30 percent to 450 million by the end of next year, and that it aims to increase revenue to $6 billion in 2023. He said the plan is for $350 million of that revenue to come fromto unlock additional features, which is already on track to hit 4 million subscribers by the end of this year.
It wants 35 percent of users interacting daily with the Map tab of Snapchat and 30 percent of users on Spotlight, its TikTok competitor, every day next year.Snap wants AR-based advertising to make up 10 percent of its total ad revenue next year. I suppose if we had to choose one goal out of all of them, “Grow Trust” is most important for our long-term success, so I am glad that in the midst of all of our challenges we continued to invest to protect our community and that we didn’t compromise on our values. Nevertheless, our shortcomings this year have had significant consequences, not least of which is a 75% decline in our stock price year-to-date.
I will avoid wasting more of your precious time with economic analysis, but it is important for our team to understand that economic volatility is our new normal, at least for 2023, and likely over the medium term. We are planning accordingly.
As we look to the future, the APAC region contains approximately 75% of the total addressable market of 13+ smartphone users who do not yet use Snapchat. While we work to improve and localize our product for new countries, we cannot lose sight of the importance of our investments in India, and we must continue to support and invest in our Indian community.
After years of rapid growth in the size of our team, we need to drive improved productivity in our sales organization, and go to market with more clarity about the role that Snapchat plays in the lives of our community and how we can help businesses grow.
Our augmented reality platform today remains oriented around self-expression on Snapchat. We measure success in terms of views, shares, and posts. This limits how we think about and invest in more utilitarian augmented reality experiences, like playing with a Lens together with your friend, buying a pair of glasses after trying them on, or learning about something new through a Lens experience.
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