Snapchat is generating 6 billion video views on its app every day, according to the Financial Times.
That number has tripled since May, the FT’s Tim Bradshaw reported, citing people close to the company.
Snapchat confirmed the view count, but declined further comment, according to the report. Business Insider has also contacted Snapchat for comment and we’ll update this article if we hear back.
The new 6 billion figure means Snapchat is rapidly closing the gap with Facebook, which last week said it had doubled its number of daily video views to 8 billion, up from 4 billion in April.
What makes Snapchat’s number even more impressive is that it attracts around 100 million daily active users to its app, compared to Facebook’s 1 billion daily active user count. Facebook’s numbers also include both desktop and mobile views, while Snapchat is a mobile-only service.
Snapchat’s video growth has been staggering. It suggests Snapchat’s users are highly engaged with the content on the app, although the FT report and Snapchat have yet to provide further details on what counts as a video “view” on Snapchat. Digiday reported in August that Snapchat had been charging advertisers for video ads viewed for less than a second. Facebook, on the other hand, counts a video as being “viewed” if it has been watched for three seconds or more — although it too charges advertisers as soon as any portion of the ad is “in view” (but advertisers can also opt to pay only if an ad is 100% viewable, or, alternatively, if it has been viewed for 10 seconds or more.)
Online video is the fastest-growing segment in the digital advertising sector. The online video ad market in the US is projected to grow 33.8% this year to $US7.7 billion, according to eMarketer. By 2019, US advertisers will be spending $US14.4 billion on online video ads, eMarketer predicts.
Snapchat is on track to generate $US100 million in revenue on an annualized basis, according to an October report from the Financial Times.
The photo-sharing app has been ramping up its monetisation efforts recently. Last month it rolled out a new advertising product called Sponsored Lenses, giving marketers the chance to put their brands alongside people’s selfies. Earlier in October it opened up the ability for brands to buy sponsored channels within its Discover content section.
Snapchat is currently on the hunt for a UK head to lead its European sales operation. The company hired its first employees for its new London office last month, Business Insider revealed.
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