Snap says it is continuing to invest in new content experiences for users. AFP
Snap says it is continuing to invest in new content experiences for users. AFP
Snap says it is continuing to invest in new content experiences for users. AFP
Snap says it is continuing to invest in new content experiences for users. AFP

Snapchat surpasses 900 million monthly active users


Cody Combs
  • English
  • Arabic

While competitors like Meta are fighting lengthy battles in court, Snapchat is taking a victory lap after surpassing 900 million monthly active users.

“As Snapchat has grown over the years, we've seen this idea continue to resonate with our community – and we love seeing all the silly, fun and imperfect moments Snapchatters share with each other,” read a news release from the company on Tuesday celebrating the milestone.

“Thank you to the global Snapchat community for being part of this journey with us. Happy Snapping!”

Snapchat has slowly grown in popularity since it was launched in 2011. AFP
Snapchat has slowly grown in popularity since it was launched in 2011. AFP

The company also announced that its first quarter revenue increased 14 per cent year-over-year to $1,363 million, with daily active users increasing 9 percent to approximately 460 million.

Chief executive Evan Spiegel said that momentum was driven in part by progress made with direct-response advertising solutions as well as growth of the company's Snapchat+ subscription business.

The company warned, however, that "macroeconomic uncertainty" and "geopolitical events" could impact progress in the quarters ahead.

California-based Snapchat, which now simply goes by Snap, was founded in 2011 by three Stanford University students. Originally called Picaboo, the idea behind the platform was the antithesis of everything social media seemed to stand for at the time: content produced by those who used the app would disappear rather than being permanent.

That difference, the emphasis on social media content with an expiration date, proved appealing. It grew by leaps and bounds, and in 2013, Facebook, the entrenched social media leader at that point, took notice. Meta’s chief executive Mark Zuckerberg attempted to purchase Snapchat, but the platform opted against being acquired.

Mark Zuckerberg tried to buy Snapchat in 2013. Bloomberg
Mark Zuckerberg tried to buy Snapchat in 2013. Bloomberg

Several years later, however, Meta’s Instagram platform rolled out a feature called Stories, which showed temporary content from users for 24 hours. The similarities between the two caused bad blood between Snap and Meta. Meta’s attempted purchase of Snap has come full circle as the company is currently fighting an antitrust suit.

“I think if we would have bought them, we would have accelerated their growth, but that’s just speculation,” Mr Zuckerberg said on the witness stand in Washington when asked about Snapchat as Federal Trade Commission lawyers tried to show a pattern of Meta trying to buy competitors, rather than innovate.

Although Snap’s 900 million monthly active users is nothing to scoff at, it pales in comparison to Facebook’s estimated three billion active users, as well as TikTok’s more than one billion users. Yet analysts point out that Snap’s user base has limited churn and has proved incredibly loyal over the years.

In a 2024 interview with The National, Hussein Freijeh, vice president and general manager for Snap’s Middle East and North Africa office, said that active users in the region check the platform about 45 times per day. Mr Freijeh also said that Snap is particularly popular throughout the Middle East as the region goes “through a massive social and economic transformation”.

“Within that transformation, we're seeing the GCC community is really protective of the sense of community, and their relationships with their friends and family,” he said during an interview with The National's Business Extra podcast at Snap's Dubai office.

A 2022 social media report from by University of Oregon professors Damian Radcliffe and Hadil Abuhmaid also highlighted Snap’s appeal in the region. “Snapchat’s community in the Mena region continues to grow and the Middle East remains a major market for the app,” read part of the report.

Snap was also an early adopter of augmented reality (AR) to enhance the platform, offering filters to enhance user creativity. Those successful implementations of AR have also proven to be appealing to brands seeking to advertise to younger audiences on the platform. Both TikTok and Instagram have followed in Snap’s path in adopting AR features.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Results
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INDIA'S%20TOP%20INFLUENCERS
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Updated: April 29, 2025, 9:28 PM