Snap 2.0: How Fresh Content and Games Have Spurred Snapchat’s Comeback
The year has been rough for most people and companies, but 2020 has been kind to Snap Inc., Snapchat’s parent company. Users have gravitated toward new shows and games on the app, leading to more interest from advertisers. Wall Street has taken notice, sending Snap’s stock price soaring 40% since the beginning of the year to $23.50 per share — heights the Los Angeles company hasn’t reached since the days immediately following its March 2017 IPO. (The rebound is even more stark since mid-March, when Snap’s share price dropped below $9, as most public companies were rocked by the coronavirus pandemic.) To be sure, Snap has run into some issues this year. Most notably, it recently had to apologize for an insensitive Juneteenth filter that was available for a few hours on the app. Overall, Snap has enjoyed a strong 2020. So what’s behind Snap’s comeback story? First, the growing popularity of its content: Time spent watching Snapchat shows each day has more than doubled since last year. For comparison, its user base, which now sits at 229 million daily users, increased 20% during that same time. To pull in more viewers, Snapchat has started to lean into more shows backed...
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