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Tuesday, April 16, 2024
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Snap Rides Sports to Best Quarter Ever

  • Snapchat posted record quarterly revenue of $982 million.
  • The numbers confirm the social media company's comeback.
Winslow Townson-USA TODAY Sports/Design: Alex Brooks

It’s been a bumpy road for Snapchat since the company went public in 2017, but the social platform’s comeback is now in full swing.

Daily active users are at 293 million, up 23% year-over-year.

Quarterly revenue reached $982 million for the period ended June 30, a new record for the company and significant improvement over the $770 million haul in Q1.

The return of advertising spend that disappeared at the height of the pandemic gets some of the credit for Snap’s performance.

This is where sports play a major role for Snap. Take its partnership with the NBA:

  • The revenue-share model sees Snap sharing ad revenue from the platform’s NBA videos with the league.
  • The NBA pays to advertise on Snapchat too, with Discover channels designed to drive viewers to linear games on ESPN and Turner Sports.

In addition to NBA, Snap renewed its content deal with the NFL in 2020, saying it wants to triple the number of NFL highlights it offers.

MLB uses Snap’s tech for its augmented reality lenses in the Ballpark app.

Snap’s revenue forecast for Q3 is $1.07 billion to $1.085 billion — a YoY spike of up to 60%.

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