Snap has made a big bet on user-generated video, doling out $1 million a day since December to top creators trying their hand at Spotlight, the company’s new TikTok rival. That $1 million a day was supposed to expire after the new year, but the company kept it going. Something must’ve gone right. (Adweek)
Spotlight already has more than 100 million users just over two months after launching. The company revealed the statistic as part of its fourth-quarter earnings report for 2020. (Engadget)
Snap also announced Thursday that the number of people using the app on a daily basis increased by 22 percent year-over-year to 265 million daily active users, around 5 million more than Wall Street analysts were expecting. (THR)
Snap shares fell as much as 10 percent in after-hours trading Thursday, after the company forecast Q1 revenue to be between $720 million and $740 million, lower than analyst forecasts. Snap estimated that DAUs would reach 275 million in Q1, a decline from the sequential user growth rates it reported throughout 2020. (Variety)