Snap today announced the financial results for the quarter ended last month. Snap’s revenue increased 44% to $462 million in Q1 2020, compared to the prior year. The Daily Active User (DAU) growth accelerated to 20% year-over-year.
According to Snapchat, direct response advertising has nearly doubled as a share of the revenue over the past two years, and represents more than half of the total revenue. Snapchat also states that it has doubled the amount of money committed via upfronts from advertisers in 2020 vs. 2019.
Snap claims that is a camera company, however the growth for the user attention is coming from the content. Snap says that on average, over 4 billion Snaps were created each day in Q1 2020, and the total daily time spent watching Shows more than doubled compared to Q1 2019. The total daily time spent watching Discover content increased by over 35% year-over-year in Q1 2020.