Snapchat is expected to dethrone TikTok as the fastest-growing social media platform in 2023, according to data from OnlyAccounts.io. The photo and video-sharing app is projected to grow by 13.4 per cent this year, while TikTok is expected to grow by 12.7 per cent.
Snapchat’s growth is being driven by its popularity among younger generations. The app is the most popular social network among teens in the United States, where nearly 60 per cent of internet users aged 13 to 24 use it daily.
Snapchat has also been successful in attracting new users in emerging markets. The app has seen significant growth in India, Indonesia, and Brazil in recent years.
If Snapchat can maintain its current growth rate, it could reach 674 million users by 2027. This would make it the third-largest social media platform in the world, behind Facebook and Instagram.
The company’s success is due in part to its innovative features. Snapchat was one of the first social media platforms to introduce ephemeral content, which disappears after a short period of time. This has made the app popular among users who want to share more intimate and personal moments.
Snapchat has also been successful in creating a unique and engaging user experience. The app’s filters and lenses allow users to customize their photos and videos in a variety of ways.
The sources for this piece include an article in OnlyAccounts.