Snap says its TikTok competitor, Highlight, had 100 million users in January 2021, simply two months after it launched. The determine would recommend a surprisingly profitable debut for the service, which has taken over the far-right tab within Snapchat.
TikTok doubtless nonetheless has a major lead on the brand new service, although. TikTok stated it had 100 million monthly users in the US alone as of June 2020, and indicators recommend the app has solely continued to develop since then. (However, Instagram’s chief has said he’s “not yet happy with” Reels, its shortform video competitor.)
Snap has put some huge cash behind Highlight so as to assist the part catch on. The corporate promised to present away $1 million per day to creators for greater than a month so as to get individuals posting movies, filling the service with enjoyable stuff to observe. The initiative seemingly labored, with some creators seeing the service as a quick way to make a lot of cash. Creators are actually importing a mean of 175,000 movies per day, Snap CEO Evan Spiegel stated in ready remarks for traders.
“Whereas it’s nonetheless very early within the improvement of this new content material platform, we’re extremely inspired by the preliminary outcomes and excited concerning the potential for Highlight to additional broaden our monetization alternative sooner or later,” Snap CFO Derek Andersen stated in ready remarks.
The characteristic continues to be way more restricted than TikTok. Exploration choices are restricted, and you’ll’t remix sounds or go down a rabbit gap of dance movies to a well-liked tune, bot options which have helped TikTok proceed to develop.
It’s additionally value noting that Snap gave the determine when it comes to month-to-month customers when the corporate has lengthy positioned a concentrate on every day customers general. That implies the every day utilization of the characteristic is an efficient quantity decrease, given that somebody solely wanted to open the tab as soon as in January to be thought-about a month-to-month person. Snap now boasts 265 million every day customers general, up from 249 million the prior quarter, the corporate stated in its This autumn 2020 earnings launch.