Snap Inc. has struggled over the past year since its less-than-impressive IPO in 2017, and social media marketers taking notice are taking their business elsewhere.
As this chart from Statista shows, marketers were only slightly more keen to work with Snapchat in Q1 of this year than they were in the quarter before the company went public. Marketers continue to be far more eager to work with other major social media platforms like Facebook, Instagram, or YouTube.
Snap’s primary source of revenue is compensation from marketing on its flagship product, but a controversial redesign that led to unimpressive user growth has worked against it there. To add insult to injury, Facebook and Instagram have historically copied many of Snapchat’s more crowd-pleasing features, which have helped those sites become more appealing platforms for marketers and their money.
- Jenny Cheng/Business Insider